Knutsford Express more than doubled its profit for the first quarter to August, with a jump of 109 percent to $35.7 million, from $17 million in 2014 and revenues that climbed 38.5 percent to $143 million. The increased revenue “was due to growth in passenger travel” the company stated in its report to shareholders.
Administrative and general operating expenses grew by a much slower 23 percent to $104 million than revenue. Depreciation climbed from $5.4 million to $7.55 million and finance amounts to $3.9 million and is up from $2.3 million in 2014.
Unfortunately the company has not provided information on the composition of administrative and general operating expenses. Based on the last audited financials, the largest cost items are fuel, accounting for around 19 percent of cost, labour for 34 percent and repairs around 10 percent for a total of 43 percent or thereabout.
Earnings per share is 36 cents for the 2015 quarter, putting full year earnings in the $1.60 region.
The company provides a popular coach bus service that plies between Kingston and the North and South coasts of Jamaica. Service was extended to Port Antonio from Ocho Rios earlier in 2015 but will take time to build as more persons become familiar with it. Going forward it is unsure what the opening of the highway to Ocho Rios from Kingston will mean for growth. What is sure it will take less time to cover the route with less operating cost per trip and will allow them to better compete with air travel as the time factor to and from Montego Bay and Kingston will be reduced.
The stock is listed on the junior market of the Jamaica Stock Exchange and has been trading around $6.10, for some time. These results should give the price a lift as the value is very low compared to others on the market, but management needs to improve on the inadequate manner of reporting the results, if not investors will be skeptical about the financial performance and shy away from the stock.
At the end of the quarter, shareholders equity stands at $250 million and liabilities of just $91 million and current assets of $157 million which includes cash and investments of $79 million and other assets of $61 million that rose from $21 million in May this year.
The company paid a dividend of 15 cents per share on September 15.
Knutsford doubles profit
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[…] at $5.42, KLE Group ended with a fall of 35 cents to $1.50, with 97,024 shares changing hands. Knutsford Express traded only 3,000 shares to close at a new 52 weeks’ high of $12.30 after rising $165, Lasco […]
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[…] Knutsford Express traded a big block of 20,000,002 shares at $10.65 with the price falling 65 cents, helping the junior market to lose ground on Tuesday. The record of the company showed Proven Investments as the holders of the exact amount traded, representing 20 percent of the shareholdings with their brokerage house being the seller with NCB Capital Markets being the brokers buying. The junior market index falling by 24.27 points to 1,666.91 points as the market retreated from the all-time high reached on Monday. Trading ended with 14 securities trading of with 7 advanced and 2 declined with 20,742,505 units, valued at $215,634,789 changing hands as 2 stocks closed at 52 weeks’ highs. At the close there was 1 security ending with no bid to buy and 6 securities had no stocks being offered for sale. A total of 2 stocks closed with bids higher than their last traded prices while one closed with a lower offer. In trading, Access Financial Services closed at $16 with 2,646 units changing hands, AMG Packaging closed with 8,964 units changing hands at $7, Blue Power had 581 units changing hands to close at $13.10, Caribbean Cream gained 43 cents with 13,000 shares changing hands at $3. Caribbean Flavours traded 450 units to close at a 52 weeks’ high of $8.10 by adding 97 cents, Caribbean Producers closed at $4.62 to gain 17 cents with 290,856 units changing hands, Consolidated Bakeries rose 10 cents while trading 35,000 shares at $1.20, Derrimon Trading ended with 27,247 shares changing hands at $3.80. General Accident closed at $1.95 with 4,500 shares trading, Honey Bun finished with 2,000 shares changing hands, to close at $6, Lasco Distributors closed with 80,000 shares changing hands at 25 cents higher at $4.60. Lasco Financial fell 43 cents to close at $3.55, with 241,631 shares changing hands and Lasco Manufacturing lost 55 cents to close at $3 with 298,484 shares trading. […]
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[…] 5 cents with a gat $5.05, KLE Group ended with 73,026 units with a decline of 2 cents at 73 cents, Knutsford Express traded 13,000 units and gained $1 to end at a 52 weeks’ high of $10. Lasco Distributors closed […]
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[…] closing high of $5, KLE Group ended with 30,000 units with a loss of 10 cents at 70 cents, Knutsford Express jumped $1 in trading 30,000 units at $9 for a 52 weeks’ high. Lasco Distributors closed with […]
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[…] Teas had 500,000 shares trading at a 52 weeks’ closing high of $4.65, after rising by 35 cents, Knutsford Express rose 70 cents in trading 150,000 units at a 52 weeks’ closing high of $8.20. Lasco Distributors […]
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[…] $32.50 down from the last traded price of $36 on Monday. Radio Jamaica jumped to a new high of $5, Knutsford Express Services traded 5,780 shares at a new high of $7 and Lasco Manufacturing with 322,996 units closed at a new […]
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