Jamaica Public Service Company (JPS)
reported lower profit for 2016 after profit tax after profit before tax increased from US$30.83 million to $33 million. Taxes more than doubled to US$8.94 million cutting profit to US$24 from US$26.5 million in 2015.
While the Jamaican economy grew nearly 1.5 percent in 2016 JPS’ gross revenues went in the opposite direction, falling to US$713 million from US$759 million. The decline in revenues could well be attributable to an increasing switch to solar energy by many corporate clients which may continue for a while as the cost of installing solar declines.
Gross profit contracted to $284.7 million from $286.2 million. Operating expenses rose by $20 million to $220 million leaving operating profit at $64.4 million well off from $86 million in 2015. Net finance cost hit $39.8 million down from $42.58 million while the company garnered $10.37 million from other income compared to $2.45 million in 2015.
Equity grew to $395.4 million at the end of 2016 up from $366.9 million. The company borrowed $369 million at the end of the year. JPS reports their results in US dollars.
JPS has a number of preference shares listed on the Jamaica Stock Exchange but so far the ordinary are not listed.
Increased tax pushed JPS profit down
April 7, 2017 by
