Sales for the Blue Power to April this year increased from $1.046 billion to $1.06 billion, with both divisions showing improvement. Lumber Depot division moved from sales of $728 million to $735 million while the Blue Power division improved from $318 million to $325 million.
While revenues were flat administrative cost climbed 16 percent or $22 million to $157 million, helping to push profits down for the full year.
Profits for the financial year stood at $71 million before tax with the Lumber Depot division contributing $26 million and the Blue Power division adding $45 million in 2014 profit was $93 million. The company produced only $7 million in profit in the final fiscal quarter compared to $12.4 million in the January quarter from slightly less sales in the fourth quarter. After providing for corporate taxes $654,000 were profit for the year ended at $70 million as the company became liable to tax after completing five years on the Junior Market in the third week of April compared to net profit for the previous year of $93 million. Earnings per share ended at $1.24.
The company that will meet shortly to consider a dividend has cash of $166 million on and as of April with cash generated from operations being $55 million compared to just $13 million in the prior year.
The stock which is priced at $9.50 on the junior market of the Jamaica Stock Exchange may be fully priced currently.
Profit drops at Blue Power
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