Jamaican$ hits 127 to US$ – Friday

The Jamaican dollar continue the recent decline in value against the United States dollar on Friday ending with a rise of 18 cents just over J$127 to the US dollar.
The rate for buying the US dollar by dealers jumped by 58 cents above Thursday’s rate.
Inflows of all currencies, totaled US$54.17 million, versus US$44.56 million on Thursday with the selling of US$44.95 million in contrast to US$37.54 million on Thursday.
In US dollar trading, dealers sold US$43.56 million at an average of $127.02 at the close, compared to US$33.52 million sold at an average of $126.80 on Thursday. Purchases of the US currency by dealers, amounted to US$51.60 million at an average of $125.77 at the close, compared to US$38.30 million at an average of $125.19.
At mid-day on Friday dealers purchased US$26.14 million at an average rate of J$126.23 and sold US$17.86 million at an average of J$126.86. On Thursday at midday dealers purchased US$11.01 million at an average rate of J$125.66 and sold US$7.28 million at an average of J$126.71.
The selling rate on Friday, for the Canadian dollar rose to J$99.78 from J$99.73 at the close on Thursday, the selling rate for the British Pound rose to J$177.51 from J$176.41 previously and the euro rose in value against the Jamaican dollar at J$158.71 to buy the European common currency, versus the prior selling rate of J$157.74.
For the week, dealers purchased US$185 million in all currencies, up from $179 million in the previous week and sold USS167 million, down from US$181 million sold in the prior week.

Jamaica dollar losses value against all – Tuesday

The Jamaican dollar continue the recent decline in value against the United States dollar on Tuesday, with the rate rising 17 cents from Monday’s closing selling rate, to close at $126.55 while the buying rate rose 5 cents above Monday’s rate.
Inflows of all currencies, totaled US$39.08 million, versus US$46.97 million on Monday with the selling of US$41.74 million in contrast to US$42.89 million on Monday.
In US dollar trading, dealers sold US$40.65 million at an average of $126.72 at the close, compared to US$41.23 million at an average of $126.55 on Monday. Purchases of the US currency by dealers, amounted to US$36.71 million at an average of $125.12 at the close, compared to US$44.35 million at an average of $125.07.
At mid-day on Tuesday dealers purchased US$17.30 million at an average rate of J$125.58 and sold US$14.45 million at an average of J$126.60.
The selling rate on Tuesday, for the Canadian dollar rose to J$98.62 from J$98.34 at the close on Monday, the selling rate for the British Pound rose to J$174.65 from J$174.58 previously and the euro rose in value against the Jamaican dollar at J$156.53 to buy the European common currency, versus the prior selling rate of J$156.45.

More losses for Jamaica dollar – Monday

The Jamaican dollar continue the recent decline in value against the United States dollar on Monday, with the rate rising 8 cents from Friday’s closing selling rate, to close at $126.55 while the buying rate jumped 49 cents above Friday’s rate.
Inflows of all currencies, totaled US$46.97 million, versus US$37.22 million on Friday with the selling of US$42.89 million in contrast to US$33.37 million on Friday.
In US dollar trading, dealers sold US$41.23 million at an average of $126.55 at the close, compared to US$32.05 million at an average of $126.47 on Friday. Purchases of the US currency by dealers, amounted to US$44.35 million at an average of $125.07 at the close, compared to US$31.27 million at an average of $124.58.
The selling rate on Monday, for the Canadian dollar fell to J$98.34 from J$98.65 at the close on Friday, the selling rate for the British Pound rose to J$174.58 from J$173.11 previously and the euro dropped in value against the Jamaican dollar at J$156.45 to buy the European common currency, versus the prior selling rate of J$153.20.

Jamaica dollar lost more value vs US$ – Friday

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The Jamaican dollar continue the recent decline in value against the United States dollar on Friday, with the rate rising 19 cents from Thursday’s closing selling rate, to close at $126.47 while the buying rate inched up by 10 cents above Thursday’s rate.
Inflows of all currencies, totaled US$37.22 million, versus US$27.62 million on Thursday with the selling of US$33.37 million in contrast to US$33.06 million on Thursday.
In US dollar trading, dealers sold US$32.05 million at an average of $126.47 at the close, compared to US$31.17 million at an average of $126.28 on Thursday. Purchases of the US currency by dealers, amounted to US$31.27 million at an average of $124.58 at the close, compared to US$25.34 million at an average of $124.48.
At mid-day on Friday dealers purchased US$13.40 million at an average rate of J$125.11 and sold US$9.16 million at an average of J$126.46. On Thursday at midday dealers purchased US$10.22 million at an average rate of J$125.01 and sold US$9.14 million at an average of J$126.18.
The selling rate on Friday, for the Canadian dollar fell to J$98.65 from J$98.84 at the close on Thursday, the selling rate for the British Pound slipped to J$173.11 from J$175.55 previously and the euro dropped in value against the Jamaican dollar at J$153.20 to buy the European common currency, versus the prior selling rate of J$157.15.

Jamaica$ jumps over $126 to US$ – Thursday

The Jamaican dollar continue the recent decline in value against the United States dollar on Thursday, with the rate jumping 39 cents from Wednesday’s closing selling rate, to close at $126.28 while the buying rate inched up by 19 cents above Wednesday’s rate. US dollar trading, dealers sold US$31.17 million at an average of $126.28 at the close, compared to US$28.65 million at an average of $125.89 on Wednesday. Purchases of the US currency by dealers, amounted to US$25.34 million at an average of $124.48 at the close, compared to US$27.93 million at an average of $124.29.
At mid-day on Thursday dealers purchased US$10.22 million at an average rate of J$125.01 and sold US$9.14 million at an average of J$126.18. On Wednesday at midday dealers purchased US$11.51 million at an average rate of J$124.81 and sold US$7.91 million at an average of J$125.90.
The selling rate on Thursday, for the Canadian dollar fell to J$98.84 from J$99.49 at the close on Wednesday, the selling rate for the British Pound climbed to J$175.55 from J$175.33 previously and the euro rose in value against the Jamaican dollar at J$157.15 to buy the European common currency, versus the prior selling rate of J$156.25.

Profit jumps 49% at Salada Foods

Salada Foods profit jumped 49 percent to $27 million in the December quarter from just $18 million in 2016, from sales revenues that rose 17 percent to $228 million from $195 million in 2016.
Improvement in profit margin, helped in boosting profit for the quarter as gross profit climbed 34.5 percent to $84.47 million for the quarter from $62.79 million in 2016. Gross profit margin rose sharply from 32.15 percent to 37 percent for the quarter.
Operating expenses rose by 10.4 percent to $32.4 million in the quarter, while distribution cost fell from $13.6 million to $12 million.
Earnings per share came out at 26 cents for the current quarter from 17 cents for the 2016 period and should end around $1.20 for the fiscal year to September.
Gross cash flow brought in $42 million but after paying dividends of $52 million cash funds were reduced from $159 million at the end of December 2016 to $128 million and Investments of $254 million. Current assets stand at $765 million and current liabilities at just $155 million. Shareholders’ equity stands at $777 million with borrowings at just $11 million. Net current assets stands at $609 million.
The stock has a long history of volatility with the trend in profit being inconsistent. The company’s stock traded at $10.51 on the Jamaica Stock Exchange with a PE ratio of 9 times 2018 earnings.

Profit jumps 237% at Lasco Distributors

 

Lasco Distributors

Lasco Distributors profit jumped sharply in the December quarter by 237 percent to $127 million from just $38 million in 2016.
For the nine months period profit is up just 28 percent to $535 million form $417 million.
Sales revenues were down slightly for the quarter to $3.89 billion from $3.91 billion and was marginally higher for the year to date at $12.24 billion from $12.06 billion in 2016.
Improvement in profit margin along with a rise in other income to $50 million from $19 million in 2016, helped in boosting profit for the December quarter.
Gross profit climbed 21 percent to $676 million for the quarter and 18 percent for the nine months to $2.19 billion from $2 billion in 2016 as margins improved. Gross profit margin rose sharply to 17.4 percent from 14.3 percent for the quarter and for the year to date 17.9 percent from 16.6 percent for the 2016 period.
Operating expenses rose by 9.2 percent to $589 million in the quarter and by 8.3 percent in the nine months period to $1.67 billion.
Earnings per share came out at 4 cents for the quarter and 16 cents for the nine months period and should end around 20 cents for the fiscal year.

Lasco’s products

Gross cash flow brought in $600 million but growth in receivables and advances to related companies, resulted in a rise of just $30 million from operating activities. After paying dividends of $155 million cash funds were reduced from $1 billion at the end of December 2016 to $879 million. Shareholders’ equity stands at $8.1 billion with borrowings at just $215 million. Net current assets is $3 billion just a little below Payables of $3.2 billion.
The company rolled out new flavours in the instant Chocolate range and iCool brand in the quarter. In the coming months, Lasco will expand its product offers.
The stock traded at $3.91 on the Junior Market of the Jamaica Stock Exchange with a PE ratio of 19 times 2018 earnings. The company will go into a new year, come April, that should result in a lowering of the PE.

Jamaica dollar falls vs US$ – Wednesday

The Jamaican dollar fell in value against the United States currency on Wednesday, with the rate rising by 19 cents from Tuesday’s closing selling rate, but the buying rate inched lower by 17 cents from Tuesday’s rate. US dollar trading, dealers sold US$28.65 million at an average of $125.89 at the close, compared to US$37.10 million at an average of $125.70 on Tuesday. US currency purchases by dealers, amounted to US$27.93 million at an average of $124.29 at the close, compared to US$34.02 million at an average of $124.46.
At mid-day on Wednesday dealers purchased US$11.51 million at an average rate of J$124.81 and sold US$7.91 million at an average of J$125.90. On Tuesday at midday dealers purchased US$14.29 million at an average rate of J$124.84 and sold US$11.22 million at an average of J$125.32.
The selling rate on Wednesday, for the Canadian dollar fell to J$99.49 from J$99.60 at the close on Tuesday, the selling rate for the British Pound climbed to J$175.33 from J$174.13 previously and the euro rose in value against the Jamaican dollar at J$156.25 to buy the European common currency, versus the prior selling rate of J$156.06.

Jamaica dollar gains vs US$ – Tuesday

The Jamaican dollar made gains against the United States currency declining 8 cents from Monday’s closing selling rate, in foreign exchange trading on Tuesday, but the buying rate inched higher by 20 cents above Monday’s rate. US dollar trading, dealers sold US$37.10 million at an average of $125.70 at the close, compared to US$43.03 million at an average of $125.78 on Monday. US currency purchases by dealers, amounted to US$34.02 million at an average of $124.46 at the close, compared to US$43.49 million at an average of $124.26.
At mid-day on Tuesday dealers purchased US$14.29 million at an average rate of J$124.84 and sold US$11.22 million at an average of J$125.32. On Monday at midday dealers purchased US$23.32 million at an average rate of J$124.69 and sold US$22.18 million at an average of J$125.82.
The selling rate on Tuesday, for the Canadian dollar fell to J$99.60 from J$100.76 at the close on Monday, the selling rate for the British Pound dropped to J$174.13 from J$174.75 previously and the euro slipped in value against the Jamaican dollar at J$156.06 to buy the European common currency, versus the prior selling rate of J$157.06.

Jamaica dollar lost more ground – Monday

The Jamaican dollar rose by just 3 cents from Friday’s closing selling rate to rise above the J$125 mark, to the United States currency and sitting just below the 126 mark, in foreign exchange trading on Monday, but the buying rate inched higher by 10 cents.
Inflows of all currencies, totaled US$47.61 million, versus US$34.93 million on Friday with the selling of US$45.59 million in contrast to US$38.39 million on Friday.
In US dollar trading, dealers sold US$43.03 million at an average of $125.78 at the close, compared to US$36.42 million at an average of $125.75 on Friday. US currency purchases by dealers, amounted to US$43.49 million at an average of $124.26 at the close, compared to US$31.36 million at an average of $124.16.
At mid-day on Monday dealers purchased US$23.32 million at an average rate of J$124.69 and sold US$22.18 million at an average of J$125.82. On Friday at midday dealers purchased US$7.32 million at an average rate of J$124.25 and sold US$9.22 million at an average of J$125.88.
The selling rate on Monday, for the Canadian dollarrose to J$100.76 from J$99.38 at the close on Friday, the selling rate for the British Pound dropped to J$174.75 from J$176.86 previously and the euro climbed in value against the Jamaican dollar at J$157.06 to buy the European common currency, versus the prior selling rate of J$154.44.