Dip in profit at Jamaica Broilers

JB factJamaica Broilers sales revenues increased 12 percent over the $8.9 billion the group generated in 2015 to reach $10 billion for the first quarter ending July this year. Profit after tax from continuing operations fell to $401 million from $420 million in 2015.
The profit performance resulted from gross profit that grew in line with sales with a 12 percent increase in for the quarter to $2.7 billion, from $2.4 billion in the corresponding quarter last year and an increase in finance and other income of $178 million up from $123 million in the company’s 2015 first quarter.
Directors in their report to shareholders state that the “Jamaica Operations reported a normalised segment result (after adjusting for the effects of the disposal of subsidiaries) of $641 million compared to $783 million reported last year. This was a result of increased levels of poultry imports and increased input costs. The US Operations continued to grow steadily and reported a segment result of $297 million, which was a 14 percent increase over the prior years’ $261 million. This quarter’s results include for the first time the operations of the new subsidiary International Poultry Breeders Hatcheries Inc., based in Iowa.”
“In the Other Caribbean Operations segment, the increased production of table eggs in Haiti Broilers SA is now reflected in the profits being reported for the quarter. The normalized segment result, after adjusting for the effects of the disposal of subsidiaries, amounted to $74 million which was $49 million or 196 percent above the $25 million reported last year.”
JBG ChickDistribution costs, grew much faster than sales, with an increase of 29 percent over the previous year, to $321 million from $248 million while administration costs moved up by 20 percent to $1.79 billion from $1.49 billion in 2015.
The profit out turn resulted in earnings of 33.08 cents per share for the quarter. IC Insider expects that with continued growth in sales revenues investors should see increased profit for the current year which will be aided by improved economic activity in the markets the group operates in.
At the end of the quarter, shareholders’ equity stood at $12.7 billion while loans grew from $6 billion in July 2015 to $6.9 billion in 2016 while cash funds and investments ended at $1.7 billion in 2016 versus $1.8 billion in 2015.
Jamaica Broilers’ shares are listed on the Jamaica Stock Exchange and last traded at $14.52 at PE ratio of 11 times last fiscal year’s earnings.

Strong profit gains at Broilers

JBG ChickChicken meat and feed processors, Jamaica Broilers recorded an impressive 297 percent increase in net profits attributable to shareholders for the quarter ending October 2015 amounting to $408 million and earnings per share of 33.8 cents according to the interim financial results.
For the six months, profit rose a very strong 242 percent to hit $740 million with earnings per share of 61 cents. IC Insider forecast earnings for the full year at $1.30 and $1.70 for the 2017 fiscal year. Broilers generated $1.76 billion in gross cash flows from operating activities during the half year.
The stock last traded on The Jamaica Stock Exchange at $10 for a PE of 7.7 times this year’s earnings, leaving room for moderate growth based on 2015/16 results and current valuation of stocks.
Sales revenue for the October quarter rose 6 percent to $9.17 billion, compared to $8.68 billion in 2014 and by 9 percent for the half year to $18.1 billion. Gross profit for the quarter increased 30 percent to $2.28 billion, from $1.75 billion of the corresponding quarter last year and grew by 31 percent for the six months to $4.56 billion.
The “US Operations performed as expected with respect to the sale of our main product –fertile eggs for the broiler industry. The year to date segment results amounted to $538 million. Our presence in the markets remains strong, with a broad customer base and we are seeing the benefits of the US dollar hard currency earnings. We expect steady growth in other product lines in this segment. We are recording increased sale volumes in poultry and feed products, consequent on targeted marketing strategies,” the company’s management stated in their report to shareholders.
“In the Other Caribbean Operations, Haiti Broilers SA has increased production and sale of table eggs to 14% of the market, compared to 12% at the end of the second quarter last year. The positive effect of this volume growth has however been neutralized by significant increases in operating costs due to the continuing depreciation of the Haitian Gourde against the US dollars”, the management report went on to state.
JB 10-15Cost overall climbed with some increasing much faster than revenues. Distribution and selling cost rose in line with revenues with an increase of 9 percent in the quarter and year to date with cost of $260 million in the quarter and $508 million for the half year. Administrative costs, tripled the growth in revenues in the October quarter to be up by 19 percent to $$1.4 billion and increased by 18 percent for the six months to $2.9 billion. Finance cost fell in the quarter and grew slightly or the half year while interest income rose strongly.
Cash and short-term investments totalled $2.36 billion, Current Assets amounted to $11.4 billion and current liabilities at $6.8 billion, shareholders’ equity stands at $12 billion and borrowings at $6.3 billion, down from $7 million in 2014.

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