JSE Q2 profit jumps 41% one to watch

A sharp fall of $92 million in Exchange Operations’ revenue for the half year to June, resulted in the segment results falling $110 million to $41 million but a 41 percent rise in Depository Services’ revenues to $156 million and 20 percent in Trustee Services’ income to $137 million resulted in the segments’ profit rising by 83 percent and 17 percent to $82 million and $75 million respectively.
The improved performance in the newer services of the Jamaica Stock Exchange saw second quarter results increasing over the performance of the first quarter with a rise of 41 percent in profit after tax compared to a decline in the first quarter versus the strong 2016 first quarter. The gains in the June quarter reduced the fall in profits for the by percent to $102 million, compared with the corresponding financial period last year of $158 million. The six months performance resulted in earnings per share of 15 cents, the June quarter returned 6 cents per share.
Total Expenses grew 19 percent over the 2016 quarter to $167 million and 13 percent for the six months to $330 million. Major increases were experienced in professional fees which included cost for defending claims against an employee and advertising and marketing.
“It is expected that for the remaining quarters there will be more companies listing their securities on the exchange and a positive movement in fee income due to the expected increase in trustee Services clientele,” the chairman, Ian McNaughton and Managing Director Marlene Street Forrest stated in a release to shareholders accompanying the financials.
The balance sheet shows assets of $1.24 billion, cash funds of $517 million and stockholder’s equity of $891 million.
IC insider.com is forecasting earnings per share of 35 cents for 2017. The stock last traded on the Market of the Jamaica Stock Exchange at $6.

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