Jetcon Corporation’s revenues grew 55 percent in the first quarter ending March, leading to an increase of 127 percent in profit before tax came of $19.35 million, while after tax the profit rose 126 percent to $14.6 million or 9.4 cents per share compared with $6.8 million in the same period in 2015.
The growth for the quarter is above the 50 percent increase enjoyed during all of 2015. Gross profit doubled to $32.4 million and gross profit margin, moved from 16.9 percent to 21.9 percent, during the quarter.
Inventory of motor vehicles and parts increased moderately since March 2015 but is up 46.7 percent since December 2015, to reach $123.9 million while receivables increased sharply but is due to amounts deposited with suppliers for goods. All loans that were outstanding at the end of December last year have since been repaid in full and cash on hand increased to $60.5 million helped by the inflows of funds from the initial Public offer.
The shares which were listed on the junior market of the Jamaica Stock Exchange in March this year, traded at $2.85 after details of the results were released.
Profit jumps 127% for car mart
JSE jumps in early trading – Wednesday
Trading picked up in the mid-morning session on the Jamaica Stock Exchange with a few million unit trades. Consolidated Bakeries had 1,000,000 units changing hands, KLE Group 1,000,000 shares as well along with 6 trades of more than 200,000 units.
Trading saw all major indices rising, with the main market indices gaining just under 900 points and the junior market index climbing over 53 points after 90 minutes of trading, on Wednesday. The average volume traded amounts to 157,938 units per active stock, compared to an average of 107,260 units traded in the mid-morning session on Tuesday.
A total of 28 securities accounting for 4,422,256 shares changed hands as 12 stocks gained and 8 declined.
The market saw the all Jamaica Composite Index rising 1,109.08 points to 169,116.88, the JSE Market Index gained 991.69 points to 152,262.52, the JSE combined index ended with a rise of 1,470.55 points to 162,998.50 and the junior market index rose 53.69 points to 2,121.22.
JSE stocks make more gains – Tuesday
Trading amounted to 8,175,132 units valued at $170,455,575 changing hands, in all markets, the junior market accounting for 3,312,315 units valued at $12,515,372.
The JSE Market Index gained 227.72 points to end at 151,270.83, the all Jamaica Composite Index rose 736.09 points to 168,007.80 and the JSE combined index climbed 658.18 points, to close at 161,527.95.
IC bid-offer Indicator| At the end of trading, in the main and junior markets, the Investor’s Choice bid-offer indicator reading showed 13 stocks with bids higher than their last selling prices and 4 with lower offers.
At the end of market activities, Berger Paints traded 14,027 units to close at $4 after rising by 10 cents, Cable & Wireless rose 2 cents to close at $1.35, in trading 500,946 units, Caribbean Cement traded 241,594 shares and fell $2 to close at $24, Carreras fell 1 cent while trading 270,430 shares, to close at $64.99. Grace Kennedy traded 1,412,488 shares with a rise of 50 cents, to end at $82, Jamaica Broilers had 46,616 units changing hands, to close with a loss of 20 cents at $14.25. National Commercial Bank rose $1 in trading 101,619 shares to close at $40, Radio Jamaica traded 74,000 shares and gained 2 cents to close at $1.20, Sagicor Group fell 35 cents to end with 193,396 shares changing hands at $22.15, Sagicor Real Estate Fund traded 16,110 shares to close at $10.25, for a rise of 25 cents. Scotia Group closed with a gain of 5 cents at $30.55 with 211,936 units changing hands, Supreme Ventures closed at $5.50 with 63,960 shares changing hands, Proven Investments ordinary share traded 4,133 units to close at 18 US cents and JMMB Group 7.5% preference shares traded 1,672,980 units at $1.04, with a fall of 2 cents.
JSE indices jump in early trading – Monday
Trading on the Jamaica Stock Exchange in the early morning session, saw stocks rising and just inching out declining ones but with moderate trading taking place.
Trading had all major indices rising, with the main market indices gaining over 1,000 points each and the junior market index climbing 2.24 percent after 75 minutes of trading, on Monday. The average volume traded amounts to 71,293 units per active stock, compared to an average of 59,318 units traded in the mid-morning session on Friday.
A total of 26 securities accounting for 1,853,606 shares changed hands at 10.45 am. A total of 9 stocks gained and 7 declined with Palace Amusement climbing to a $95, with a gain of $9.99 as 402 shares changed hands.
402The market saw the all Jamaica Composite Index climbed 1,293.41 points to 166,114.09, the JSE Market Index gained 1,156.52 points to 149,577.55, the JSE combined index ended with a rise of 1,557.65 points to 160,919.46 and the junior market index rose 47.28 points to 2,161.36.
$74m pay out by JSE
The Jamaica Stock Exchange will pay $74 million in dividend on May 6, this year. The dividend translates to 53 cents per share. In December last year, the company made a payment of $65.8 million or 47 cents per share following a payment of 53 cents per share in July.
The stock will start trading ex-dividend on April 28, at which date new investors in the stock will not be entitled to the above dividend.
With the price of the stock in the $20 range in 2016, the yield is 2.5% and IC Insider projects that it is with profits for the year set to exceed that of 2015 dividends will be increased thus raising the yield for the year higher.
The company reported earnings for 2015 of $1.25 per share or $175 million, up from only $3 million in 2014. The company’s stock last traded on Wednesday on the Jamaica Stock Exchange at $20.55.
In December 2014, the stock traded at $1.50. The three dividends provide investors who purchased the stock in December 2014 if they held them, with a full pay back of the amount invested, not factoring in taxes.
Just 6 stocks traded on TTSE – Thursday
The Trinidad & Tobago Stock Exchange more losses on Thursday but the total value of trading climbed with 280,282 shares valued at $10,304,944 changing hands. The market closed with a mere 6 securities trading, as weakness in the overall market continues. At the close, 2 stocks rose, 2 declined, while 2 remained unchanged.
Quotes for Republic Holdings, Massy Holdings and Scotiabank remain well below their last selling price and are likely to take a big bite out of the indices when next they trade.
The Composite Index declined by 0.27 points to close at 1,130.97, the All T&T Index fell 0.52 points to close at 1,807.81 and the Cross Listed Index remained unchanged at 60.32.
IC bid-offer Indicator| The Investor’s Choice bid-offer indicator ended with 5 stocks with the bid higher than the last selling price and 8 with offers that were lower.
Gains| Clico Investment Fund rose by 1 cent in closing at $22.56 with 129,520 shares valued at $2,921,971 and Trinidad and Tobago NGL rose 2 cents to $19.53 and closed with 27,964 shares trading for a value of $545,720.
Losses| ANSA McAL closed with a loss of 3 cents while 106,653 shares changed hands for a value of $6,716,975 at $62.79, Guardian Holdings had 5,995 shares changing hands to end at $12.90 after losing 10 cents.
Firm Trades| National Commercial Bank had 10,000 units changing hands at $2.40 and West Indian Tobacco closed at $126.28 as 150 units changed hands.
JSE majors down again – Thursday’s
Stocks recorded gains in the Junior market to add to the index as two of the Lasco listed companies recorded gains, but the main market of the Jamaica Stock Exchange saw continued losses in the indices. Trading levels were moderate with less stocks trading in the early session than in recent times.
The leading trades are Lasco Distributors with 414,078 units at $6.10, Lasco Manufacturing with 711,631 shares at $4.10 followed by Cable & Wireless with 115,518 at $1.30 and JMMB Group 109,815 shares at $9.50.
Trading saw all major indices falling after 75 minutes of trading on Thursday with an average of 83,005 units per active stock traded, compared to an average of 214,849 units traded in the mid-morning session on Wednesday.
A total of only 18 securities accounting for 1,494,093 shares changed hands at 10.45 am as 7 stocks gained and 6 declined.
The market saw the all Jamaica Composite Index dived 1,190.18 points to 164,285.71, the JSE Market Index dropped 1,064.21 points to 147,942.69, the JSE combined index ending with a fall of 551.98 points to 156,967.34 and the junior market index rose 42.44 points to 1,923.87.