Profit jumps 33% at Carreras but..

Sale revenues for the June quarter this year jumped 27 percent to $3.4 billion at Carreras, from a depressed $2.7 billion in 2020, with profit after corporate taxes surging 33 percent to $863 million from $651 million in 2020.

Carreras is one of Jamaica’s best dividend payers

The latest results, while looking impressive, have resulted mainly from a 27 percent fall in revenues in the 2020 June quarter from revenues of $3.458 billion in 2019. The 2021 profit is lower than the $923 million aftertax profit earned in 2019.
Cost of goods sold rose faster than revenues with a 30 percent increase from $1.37billion to $1.78 billion percent. Other operating and administrative expenses, including finance costs, rose four percent from $514 million in the 2020 quarter to $536 million.
The operations generated gross cash flows of $820 million, but after paying dividends of $1.2 million, resulting in a reduction of $786 million in cash on hand at the end of March. At the end of the quarter, shareholders’ equity stood at $1.75 billion, with lease financing at $251 million. Current assets ended at $3.47 billion, including cash and equivalent of $1.4 billion and Receivables of $1.56 billion. Current liabilities ended at $2 billion.
Earnings per share came out at 17.8 cents for the quarter, with ICInsider.com forecasting 80 cents per share for the year to March 2022, with a PE of 11.5 times earnings at the last traded price of $9.19 for the stock on the Main Market of the Jamaica Stock Exchange. The stock is now mostly regarded as a good dividend payer with a high yield of 8 percent, with profit hardly growing as the product it sells is not expected to enjoy much growth.

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