Is this Honey worth buying?

Honey is a sweet product savoured by many, but is this Honey likely to attract many to buy into it? Junior Market listed Honey Bun is reporting first quarter results to December, which is not so sweet, but the results to come could get sweeter as the year unfolds based on many factors.
The company enjoyed increased sales of 11.6 percent, hitting $206 million and resulting in gross profit growing by 11.3 percent compared with the corresponding period last year. As gross profit margin fell slightly to 45.4 percent compared with 45.54 in 2013 and administrative and distribution costs rose by 17.4 percent, profit also declined, falling 17 percent for the quarter to $16.5 million or 17 cents per share. “This reduction was mainly due to increased distribution cost resulting from the takeover of a large contract distributor to maintain our customer service and the lease of vehicles due to accidents of two of our main distribution vehicles. Improvements in this area will be seen in the next quarter. Further, one time cost was incurred during this period as the building on the property acquired was demolished,” management reported, in a statement accompanying the financials.
In the last fiscal year to September, profit fell from $35 million in 2013 to only $23 million partly. The decline was  due to added costs associated with the distribution of the products that rose by 20 percent when revenues grew by only 5.7 percent, gross profit margin slipped marginally in the last fiscal year, from 42 percent to 41 percent. But Honey Bun is set to benefit from a fall in the price of fuel used in the transport area and reduced energy cost based on a reduction in rates charged by Jamaica Public Service Company.
The bulk of profit is made in the first six months of the year, with the Easter period significant for sales. The September period is usually a period of losses. The company should be looking at earnings in the 50-55 cents region for the current year with reduced cost in some areas and continuation of growth in sales.
“Exports continue to rise and increased year over year corresponding period by over 150 percent. This was mainly due to the export of its Buccaneer Jamaica brand of fruitcakes to the UK market, where Honey Bun displayed their cakes in ASDA for the first time. We have also seen increased demand in the local market.” the company’s management reported.
At the end of the period, equity stood at $325 million in contrast to borrowed funds of only $64 million and cash funds of $33 million. The current asset ratio was 1.64 to 1.
The company’s stock last traded on the junior market of the Jamaica Stock Exchange at $1.91 and should enjoy some gains if the company hits the projected profit or comes close to it. The stock closed on Thursday with a bid to buy 20,994 units at $1.91, followed by a bid for 99,900 units at $1.80 but offers start at $2.90 to sell 11,000 units.

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  1. […] vehicles to service the deliveries. These critical vehicles are now back in service” Chong said. Honey Bun would have enjoyed savings in electricity and flour cost with the reduction of prices of oil and […]

  2. […] Honey Bun continues to recover from poor results for 2014 with a 20 percent sales growth in the second quarter of the current financial year and an increase in gross profits of 24 percent compared with the corresponding period last year. Profits also benefited from improvement in gross profit margins which increased to 43.6 percent in the quarter from 42.3 percent in 2014 and came in at 44.4 percent for the six months, up from 44.07 percent. earnings per share ended at 50 cents for the six months and the company should go on to increase this in the remaining quarters. The improved revenue picture translated into profit before taxes rising 145 percent over the prior year for the quarter of $30.5 million. The increase was partially due to the normalizing of distribution costs compared to 2014 when there were disruptions to this aspect of the business. For year to date sales revenues increased 16 percent to and profits climbed 41.6 percent to $47 million. Sales and profit would have benefited from the Easter falling to the end of the quarter. The company usually have a poor September quarter with lower revenues than for the others. Administrative cost rose marginally in the quarter to $44.79 million, in 2014 Honey Bun incurred $43.98 million in this category and for the six months $89.85 million versus $85.24 million. Selling & distribution costs rose to $32 in the quarter from $30 min 2014 and for the six months $62.3 million compared with $52.9 million. “Exports increased by 43 percent for the quarter and by 66 percent year to date over the corresponding periods’, management indicated. The company’s equity stood at $356 million while cash and investments grew to $61 million, receivables of $72 million were slightly up on 2014 levels while inventories kept steady at $45 million and payables declined to $56 million from $64 million in 2014. the company’s stock last traded on the junior market at $1.90 but now has a bid at $2.35 to buy 12,000 units. […]

  3. […] in the junior market are, are Caribbean Producers with 117,000 units, at $2.70 for a 38 cents gain Honey Bun ending with just 1,937 shares trading unchanged at $1.82. Knutsford Express traded at a new high of […]

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