Jamaica Stock Exchange reported a 44 percent jump in the first quarter profit to $126 million, from $87 million in 2015 for the three months ending March. The growth in profit flowed from revenues of $327 million, a 29 percent increase over the $253 million in 2015. The increase this year comes against the background that the quarter in 2015 results came from a loss position of $2.3 million.
Earnings per share ended at 89 cents in 2016 versus 62 cents in 2015. Profit before tax, grew from $130 million in 2015 to $187 million, with tax taking $61 million in the 2016 first quarter from $43 million.
Revenues growth benefited from increased trading activities this year over 2015, new business from the handling of repo business and from a big trade in the shares of Desnoes and Geddes, in 2015 there was a large trade in the shares of Scotia Group.
Expenses climbed at a slower pace than income, with an increase of 16 percent to end at $150 million. Wages climbed from $46 million to $57 million due to salary increases and additional staffing. Advertising and amortization is up from $14 million to $20.7 million, while other operating cost rose by $10.6 million from $5 million.
At the end of the quarter, cash and equivalent stood at $589 million and equity capital climbed to $751 million up from $649 million at the end of March 2015.
JSE’s stock traded on the Jamaica Stock Exchange with the price closing at $21 on Thursday.
JSE first quarter results jump
May 12, 2016 by