Beechwood Avenue service station.
Profit jumped 45.5 percent before tax for FESCO to $57 million from $39 million in 2020, and for six months to September, pretax profit surged 49.5 percent to $97.2 million above the $64.97 million in 2020. Profit after taxation jumped 121 percent to $57 million from $26 million, in the 2020 September quarter, with taxation eating out $13.4 million in 2020 and for the half year, it moved 95 percent higher to $97 million from $50 million following profit tax of $15 million in 2020.
The company is now on a tax holiday, initially for five years for listing on the Jamaica Stock Exchange Junior Market.
Sales spiked 51 percent to $2.4 billion from $1.6 million in the September quarter and jumped 54 percent to $4.3 billion for the six months to September from $2.8 billion in 2020.
Cost of sales rose 52.2 percent to $2.35 billion from $1.54 billion in the 2020 September quarter and jumped 54.7 percent to $4.2 billion from $2.7 billion in the half year to September 2020. Gross profit popped 22.1 percent to $73.5 million from $60 million in 2020 for the quarter and 37 percent to $128 million for the six months from $93 million in 2020.
Operating and administrative expenses dropped 15 percent to $17.8 million, from $21 million for the quarter, but rose 29.6 percent to $38 million from $29.55 million in the six months to September 2020.
Gross cash flow brought in $98 million, but growth in working capital reduced the cash provided by operating activities to $72, after receiving $322 million from loans and proceeds from the issue of new shares offset by addition to fixed assets amounting to $136 million, the company improved its cash position at the end of the period substantially. At the end of September, shareholders’ equity stood at $639 billion, up from $255 million at the end of September 2020, with long term borrowings standing at $117 million and short term loans at $7 million. Current assets ended the period at $883 million, up from $312 million in September 2020. The 2021 figure includes trade and other receivables of $551 million, cash and bank balances of $307 million. Current liabilities ended the period at $517 million and $217 million in 2020. Net current assets ended the period at $366 million. The company owned and operated service station on Beechwood Avenue in Kingston was opened recently and will add to sales in the present quarter onwards.
Earnings per share came out at 2.3 cents for the quarter and 3.9 cents for the year to date. IC Insider.com forecast is for 10 cents per share for the fiscal year ending March 2021. Accordingly, the stocks that closed at $3.25 on the Jamaica Stock Exchange Junior Market on Friday boast a high PE of 34 times the current year’s earnings compared to the market average of around 14. Net asset value is 26, with the stock selling at 12.5 book value.
Market activity led to 38 stocks trading up from 37 on Thursday and ended, with 15 rising, 14 declining and nine, closing unchanged.
In trading, Blue Power climbed 10 cents to close at $3.20 in trading 6,902 shares, CAC 2000 dropped $1.57 to close at a 52 weeks’ low of $6.55 while exchanging 31,000 stock units, Cargo Handlers shed 79 cents to end at $7.05 with 16,108 units changing hands. Caribbean Assurance Brokers fell 17 cents in closing at $2.32 after exchanging 601,737 stocks, Caribbean Cream lost 36 cents in ending at $5.73 with 500 stocks trading, Derrimon Trading declined 13 cents to $2.30, with 106,351 shares crossing the market. Elite Diagnostic rallied 21 cents to $3.46 after trading 101,427 units, Fontana fell 22 cents to end at $7.28, with 213,003 stock units changing hands after hitting an all-time high of $7.99, Fosrich popped 10 cents to a 52 weeks’ closing high of $9, with 500 stocks clearing the market. Future Energy Source rose 14 cents ending at $3.25 in switching ownership of 4,775,741 stock units after hitting an intraday record high of $3.50, GWest Corporation popped 8 cents to 93 cents in an exchange of 38,160 units, Iron Rock Insurance gained 30 cents in closing at $3.79 with an exchange of 3,681 shares. KLE Group lost 10 cents to end at $2.40 in exchanging 63,000 stocks, Knutsford Express shed 69 cents after finishing at $7.26 in an exchange of 18,512 units, Lasco Distributors fell 24 cents to close at $3.25, with 2,184 shares crossing the exchange. 
Limners and Bards increased 14 cents to $3.58 in trading 78,108 stock units, Lumber Depot dropped 11 cents to $2.85 after 341,461 stock units crossed the market. Mailpac Group advanced 7 cents to $3.78, with 856,569 shares changing hands. Medical Disposables spiked $1.18 to end at a 52 weeks’ high of $6.78 in trading 70,846 stocks and Paramount Trading shed 19 cents to $1.04 in exchanging 135,050 units.
At the close, the Junior Market Index shed 13.08 points to close at 3,444.33.
At the close, AMG Packaging popped 10 cents to $1.75 in trading 141,730 shares, Blue Power shed 20 cents to close at $3.10 with 1,100 units changed hands, CAC 2000 rallied $1.10 in closing at $8.12, as 96 stocks crossed the market. Caribbean Assurance Brokers increased 20 cents ending at a 52 weeks’ closing high of $2.49 after trading at an intraday 52 weeks’ high of $2.96 in an exchange of 1,262,538 stock units, Caribbean Cream gained 9 cents to end at $6.09 in exchanging 8,501 stock units, Dolphin Cove rallied 25 cents to $10.25 in switching ownership of 111,395 units. Elite Diagnostic declined 23 cents to $3.25, trading 15,390 shares, Everything Fresh climbed 12 cents in closing at $1.04 with the swapping of 361,431 stocks, Fontana lost 10 cents in ending at $7.50, with 202,617 stocks changing hands after trading at an intraday high of $7.81. Fosrich shed 10 cents to end at $8.90 after an exchange of 14,295 shares, Future Energy Source rose 21 cents to close at $3.11, trading 3,212,089 stock units, General Accident fell 20 cents to end at $6.60 with an exchange of 20,722 units. Honey Bun popped 35 cents to end at $9.50, trading 116,429 stock units, Indies Pharma popped 8 cents in ending at $3.13 after 3,700 shares crossed the exchange, Iron Rock Insurance declined 29 cents to $3.49 with one stock trading.
Lasco Distributors fell 21 cents to close at $3.49, with 105,296 units clearing the market, Lumber Depot rose 14 cents to $2.96 while exchanging 445,823 stock units, Medical Disposables rallied 30 cents to $5.60 in trading 1,832 shares. SSL Venture popped 10 cents to 76 cents with the swapping of 45,300 stocks, Stationery and Office Supplies rose 22 cents to close at $6.75, with 6,299 units crossing the market and tTech gained 11 cents to end at $4 with an exchange of 452 shares.
At the close, Access Financial dropped 25 cents and finished unchanged at $20.25 after exchanging 1,424 shares, Caribbean Assurance Brokers advanced 59 cents in ending at $2.29 trading 1,822,207 stocks, as investors responded positively to the release of results that shoed 31 cents per share for the nine months to September after reporting 41 cents for the September quarter. Caribbean Cream climbed 28 cents to $6 after exchanging 8,978s tock units. Dolphin Cove rose 9 cents to $10, with 29,850 units changing hands, Elite Diagnostic rallied 33 cents to end at $3.48 after 314,805 units crossed the market, Fontana increased 30 cents in closing at a 52 weeks’ high of $7.60 in an exchange of 115,216 stocks. General Accident popped 79 cents to end at $6.80 while exchanging 20,775 stock units, Honey Bun shed 35 cents in closing at $9.15 and trading 47,495 shares, Indies Pharma fell 15 cents to $3.05 in exchanging 288,370 stocks. Iron Rock Insurance spiked 71 cents to finish unchanged at $3.78, with one stock unit crossing the market, Jamaican Teas lost 25 cents to close at $4.25, with 163,617 units clearing the market, KLE Group declined 64 cents in ending at $2.50 after 11,500 shares changed hands. 
Knutsford Express shed 9 cents in closing at $8 closed after trading 11,870 units, Lasco Distributors gained 17 cents to $3.70 with the swapping of 13,538 stock units, Lasco Financial popped 14 cents and finished unchanged at $3.24 with an exchange of 154,500 stocks. Limners and Bards advanced 16 cents to close at $3.47 in trading 114,808 shares, Lumber Depot declined 15 cents to end at $2.82 in switching ownership of 898,450 stocks, Paramount Trading increased 11 cents in ending at $1.21 while exchanging 108,466 shares and Stationery and Office Supplies climbed 23 cents to close at $6.53 after trading 54,900 units.
At the close, Access Financial popped 61 cents to close at $20.50 after trading 204 shares, Blue Power increased 24 cents to $3.30 in trading 1,000 units, CAC 2000 shed $2.28 to end at $7.02 while exchanging 14,000 stocks. Caribbean Assurance Brokers declined 8 cents to $1.70 with an exchange of 46,900 stock units, ahead of the release of the company’s third quarter earnings of 41 cents for the quarter and 31 cents for the nine months. Derrimon Trading rose 10 cents to $2.40, with 84,581 units crossing the exchange, Dolphin Cove fell 9 cents to close at $9.91 with 41,671 stocks clearing the market. Elite Diagnostic gained 13 cents to close at $3.15, with 21,284 stock units changing hands, Express Catering advanced 27 cents to $5.27 after trading 21,600 shares, Fontana popped 10 cents to $7.30 after an exchange of 264,511 stock units. Future Energy Source rose 7 cents to end at $2.88 in exchanging 1,310,536 shares, General Accident dropped 84 cents to $6.01 in switching ownership of 3,017 units, Honey Bun rallied 10 cents to $9.50 after trading 32,417 stocks. Jamaican Teas rose 25 cents to $4.50 with the swapping of 836,255 stocks, Jetcon Corporation rallied 11 cents in closing at $1.11 in an exchange of 70,737 shares, 
KLE Group popped 64 cents to close at a 52 weeks’ high of $3.14, after 4,725 units crossed the market. Knutsford Express popped 9 cents to close at $8.09, trading five stock units, Lasco Distributor slipped 17 cents to $3.53 trading 1,208 stock units, Lasco Manufacturing gained 25 cents to end at $4 75, after 698,413 stocks crossed the market. Limners and Bards dropped 24 cents in closing at $3.31 with the swapping of 229,331 units and Medical Disposables fell 20 cents to $5.30 in switching ownership of 700 shares.
Overall, 39 securities traded versus 37 on Friday and ended with 12 rising, 15 declining and 12, closing unchanged.
Trading averaged 79,486 shares at $291,838 versusu 132,022 shares at $551,545 on Friday and month to date an average of 107,521 units at $385,339 down from compared to 113,246 units at $404,431 on Friday. October closed with an average of 162,777 units at $557,275.
Jamaican Teas fell 15 cents to end at $4.25, with 269,338 stock units crossing the exchange, Knutsford Express shed 9 cents to $8 after 611 stocks crossed the market, Lasco Distributors lost 15 cents at $3.70 after trading 1,604 shares. Mailpac Group dropped 9 cents to end at $3.74 after exchanging 495,561 stocks and Main Event advanced 40 cents to close at $4.40, with 2,107 shares clearing the market.
A total of 37 securities traded down from 41 on Thursday and ended with 16 rising, 13 declining and eight closed unchanged.
Trading averaged 132,022 shares at $551,545 in contrast to 100,813 shares at $341,784 on Thursday and month to date, an average of 113,246 units at $404,431, compared to 108,735 units at $369,086 on Thursday. Trading in October averaged 162,777 units at $557,275.
Knutsford Express rose 9 cents in closing at $8.09, trading 6,374 stock units, Lasco Distributors advanced 33 cents to end at $3.85, with 58,015 units crossing the market Lasco Manufacturing lost 30 cents, closing at $4.50 after trading 250,158 shares. Main Event shed 40 cents to close at $4 in switching ownership of 354,112 stocks, Paramount Trading popped 9 cents in closing at $1.14, with 470 shares crossing the market and Stationery and Office Supplies rallied 39 cents to end at $6.30 with an exchange of 200 units.
Market activity led to 41 securities trading, up from 37 on Wednesday and ended with 16 rising, 18 declining and seven left unchanged. Fontana and KLE Group ended trading at 52 weeks’ highs.
Trading averaged 100,813 shares at $341,784, down from 125,035 shares at $434,340 on Wednesday and month to date, an average of 108,735 units at $369,086, compared to 111,609 units at $378,991 on Wednesday. October average trade was 162,777 units at $557,275.
Indies Pharma dropped 9 cents to end at $3.20, with 26,000 stock units crossing the market, ISP Finance fell 74 cents after finishing at $47.23 in trading 642 shares, KLE Group spiked 51 cents in closing at 52 weeks’ high of $2.51 in an exchange of 14,277 stocks. Lasco Distributors lost 8 cents to close at $3.52 while exchanging 24,956 units, Medical Disposables rose 40 cents to $5.50 in an exchange of 19,400 stocks, SSL Venture fell 8 cents in closing at 66 cents as 39,200 shares changed hands and tTech shed 90 cents to end at $3.88 in trading 7,859 units.
At the close, Access Financial lost $1.55 in closing at $18, after trading 9,534 shares, Cargo Handlers climbed 69 cents to $7.84 in switching ownership of one stock unit, Consolidated Bakeries fell 11 cents, to $1.55 after an exchange of 10,147 units. Dolphin Cove dropped 25 cents to $10 while exchanging 9,830 stocks, Elite Diagnostic dipped 5 cents to end at $3.05 in trading 148,454 units, Express Catering shed 5 cents in closing at $4.80 after trading 25,709 stocks. Fontana rose 5 cents to $6.99 in exchanging 162,937 shares, Fosrich inched 17 cents up to end at $8.60, with 37,041 stock units crossing the exchange, Honey Bun dropped 49 cents to close at $9.01, clearing the market with 9,677 stocks. Indies Pharma gained 19 cents to $3.29 with an exchange of 64,299 shares, Jamaican Teas rose 6 cents in closing at $4.50, with 1,194,086 units changing hands, Jetcon Corporation popped 11 cents to $1.10, in trading 7,397 stock units. KLE Group shed 20 cents to close at $2 after exchanging 33,223 stocks, Knutsford Express fell 5 cents, to $8, with 3,000 shares crossing the market, Lasco Manufacturing rallied 5 cents to end at $4.85, in trading 32,764 stock units. 
Limners and Bards declined 5 cents to $3.55 with the swapping of 19,496 units, Main Event advanced 54 cents to close at $4.44, with 400 stock units clearing the market, Medical Disposables rallied 5 cents to end at $5.10 with an exchange of 1,200 units. Paramount Trading rose 6 cents to $1.10, with 3,000 stocks crossing the exchange, SSL Venture popped 5 cents to 74 cents in switching ownership of 1,922 shares and Tropical Battery lost 5 cents to end at $1.29 in trading 4,143 stock units.
Trading averaged 74,982 shares at $229,312 versus 130,760 shares at $456,818 on Monday and for the month to date an average of 105,072 units at $352,046. October closed with an average of 162,777 units at $557,275.
Lasco Financial rose 6 cents to $3.15 while exchanging 4,003 stock units, Lasco Manufacturing increased 47 cents to $4.80, with 176,276 stocks clearing the market, Limners and Bards popped 6 cents in closing at $3.60 in exchanging 77,116 units, Mailpac Group increased 7 cents to close at $3.82, with 53,232 stocks crossing the market, Main Event fell 50 cents to $3.90 trading 4,240 shares, Paramount Trading declined 6 cents to close at $1.04 in an exchange of 4,988 stock units and Stationery and Office Supplies popped 29 cents to end at $5.90 in an exchange of 124 units.