Q3 profit rises at Knutsford Express

Knutsford Express (KEX) profit rose in the company’s fiscal third quarter, but that was before the coronavirus hit the country and disrupted business and social activities in March.
Net profit at Knutsford Express climbed 7 percent in the February quarter to $36.4 million from just under $34 million for the corresponding period in 2019. For the nine months to February, profits fell sharply by 35 percent to $103 million from $158 million for the comparative period in 2019. Losses in the new operation in Florida negatively affected profit, with the segment bringing in revenues of $20.6 million for the three quarters, but lost $26 million. The new operation generated $8 million in revenues for the February quarter, an improvement over the $7.2 million generated in the July quarter and much more than in the November period. The loss in the latest quarter was down by $1.2 million at $8 million in February compared to July. The numbers suggest that it will take another two to three years or the Floridian operations to breakeven.
Revenue rose 11 percent to $318 million from $287 million for the KEX’s third quarter. It was up 10 percent for the nine months ending February to $925 million, from $842 million for the similar period in 2019.
Unlike other listed companies, KEX refuses to break out operating expenses from other expenses, making it difficult for investors to get a better understanding of the company’s performance. Operating and Administrative costs rose 9 percent to $272 million for the third quarter and 19 percent in the nine months to $797 million, in comparison to the corresponding periods for the last fiscal year. Finance cost increased in the quarter, to $7 million from $6.5 million in 2019, but declined from $22 million to $20 million for the nine months.

Knutsford’s New Kingston depot

Cash inflow from operations was $190 million to February. The acquisition of fixed assets of $228 million used up the inflows and resulted in cash funds at the end of the previous year was used to help fund the purchases. Cash and bank balances moved from $120 million at the end of February 2019 to $96 million this year. Shareholders’ equity ended at $845 million, with borrowed funds at $244 million. Net current assets ended the period at $357 million inclusive investments, cash and bank balances of $236 million, Current liabilities amounted to just under $94 million at the end of the period.
Fixed assets acquired include a property at Drax Hall, just outside of St Ann’s Bay on which a new logistics hub is under development. This new hub is expected to account for increased efficiencies, particularly for the company’s passenger services.
Covid-19 hit the company’s operations, resulting in cuts in passenger usage and routes in March. The company will experience the full effects of the pandemic in its fourth quarter to May, made worse by the all-island curfews as well as the shuttering of the country’s borders, and effectively the tourism market.
Earnings per share for the February 2020 quarter was 8 cents and 21 cents for the nine months. IC Insider.com projects that earnings per share will end the fiscal around 24 cents with earnings for the 2021 fiscal year ending around 60 cents, placing the PE at 15 times forward earnings at the last traded price of $8.98 on the Junior Market of the Jamaica Stock Exchange.

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