Profit climbs 31% at Cargo Handlers

Overvalued Cargo Handlers.

Revenues rose 32 percent for the Montego Bay based, Cargo Handlers, in the December 2016 quarter, with profit rising 31 percent to $46 million after tax.
The company recorded earnings per share of`12 cents for the quarter which is in line with IC Insider.com’s forecast of 55 cents, for the full year. “Increased passenger vessel traffic coupled with the seasonal increases in containerized cargo, pushed revenues to $91.1 million,” management stated in their report accompanying the results. While revenues grew quite strongly, cost also grew, with operating cost rising in line with revenues by 33.5 percent to $33.5 million and administrative expenses climbing by 36 percent to $4.5 million.
Gross cash flow, generated in the quarter was $52 million, increased receivables and reduction in payables help to reduce the net flows for the quarter to just $6 million, but still ending with a healthy cash position of $232 million at the end of the year. Receivables ended the year at $86 million and current liabilities at just $27 million.
Montego Bay is one of the fastest growing regions in Jamaica, with increasing tourism and BPO activities and more expansion in these areas to come. The port is likely to be used as the centre for exporting of LNG to the Eastern Caribbean, Cargo Handlers should benefit from the growth in the area down the road. Cargo Handlers last traded on Tuesday at $24.50 for a rich PE of 45, based on IC Insider.com’s forecast of 55 cents per share.
The company is slated to pay an interim dividend of 13.5 per stock unit on March 21.

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