Cargo Handlers Q1 profit falls

February 10, 2018 by

Overvalued Cargo Handlers.

Montego Bay’s based, Cargo Handlers suffered a 13 percent dip in profit, for the December quarter to $40 million from $46.2 million in 2016 from flat operating revenues of $86.57 million compared to $86.99 million in 2016 and resulted in earning per share 11 cents.
Gross profit margin declined in the quarter to 59 percent from 61 percent in the 2016, as wages increased ahead of income, leading to Other Operating Expenses rising 7 percent to $35.75 million. Other income fell 84 percent to $544,786 from $3.42 million and interest income declined by 36 percent to $470,000. Revaluation of the Jamaican dollar would have had a negative impact on other income. Administrative expenses rose 20 percent to $5.4 million and finance cost climbed by 35 percent, to $336,038. Taxation payable on the profit fell from $6.66 million in 2016 to $5.76 million.
Gross cash flow, brought in $58 million but increased working capital needs reduced cash inflows to $27 million and raising cash funds to $272 million.
At the end of December, shareholders’ equity stands at $390 million with borrowings at just $0.9 million. Net current assets ended the period at $331 million well above payables of just $17 million.
The stock that traded at a high of $30 in early 2017, last traded at $10.50 on the Junior Market of the Jamaica Stock Exchange, with a PE ratio of 21 times IC Insider.com projected earnings of 50 cents for 2018. The average PE for the market is now 10, suggesting that Cargo Handlers stock price could slip back or remain around the present level for a prolonged period.

Filed Under: Company News, Company Results Tagged With: , , , , ,

12 stocks rose 12 fell in JSE trading – Friday

February 9, 2018 by

The prices of 12 stocks securities trading on the main market of the Jamaica Stock Exchange rose on Friday leading to strong gains in the market indices, with 7,713,887 shares valued at $88,768,495 changing hands at the close.
Market activity closed with 27 securities changing hands, as the prices 12 declined and 3 traded unchanged, as the JSE All Jamaican Composite Index declined 1,081.34 points to 314,601.51 and the JSE Index lost 985.23 points to 286,637.56.
In the main market activity, Berger Paints closed 1 cent higher at $18.01, with 41,028 shares, Cable & Wireless concluded trading 3 cents higher at $1.35, with 41,397 units, Carreras finished 10 cents higher at $11, with 233,446 shares, Caribbean Cement fell of 95 cents t0 $33.05, with 24,235 shares, Ciboney Group ended trading at $0.40, with 364,871 shares. Grace Kennedy traded with a loss of 35 cents at $42.65, with 9,176 stock units, Jamaica Broilers finished trading $1 higher at $19, with 196,391 units, Jamaica Producers declined by $2.50 at $15.50, with 15,000 shares, Jamaica Stock Exchange rose 1 cent to $6.50, with 204,800 shares. JMMB Group concluded trading with a loss of 1 cent at $25, with 6,005 shares, Kingston Wharves settled 55 cents higher at a 52 weeks’ high of $37.05, with 9,600 units, Mayberry Investments ended trading with a loss of $1.08 at $4.81, with 220,225 shares, NCB Financial Group declined by 45 cents and ended at $99.55, with 1,249,021 shares trading, 1834 Investments traded with a loss of 16 cents at $1.23, with 3,850 shares. PanJam Investment closed $2.35 higher at $41.85, with 2,070 stock units, Pulse Investments concluded trading at $1.80, with 17,900 shares, Radio Jamaica finished with a loss of 1 cent at $1.05, with 550,640 shares, Sagicor Group settled at $35, with 33,150 shares. Sagicor Real Estate Fund settled 35 cents higher at $15, with 22,618 shares, Salada Foods ended trading 80 cents higher at $12, with 300 stock units, Scotia Group traded with a loss of $1 at $50, with 330,717 units, Seprod finished trading with a loss of 20 cents at $29.80, with 14,946 shares, Sterling Investments closed with a loss of 10 cents at a 52 weeks’ low of $9, with 131,823 shares. Supreme Ventures ended 29 cents higher at $11.99, with 30,479 shares, Victoria Mutual Investments concluded trading with a loss of 7 cents at $4.33, with 221,578 stock units and Wisynco Group finished 15 cents higher at $10.60, with 741,658 units. In the main market preference segment, Jamaica Money Market 7.5% traded 5 cents higher at $1.95, with 1,260,698 stock units changing hands.

Prices of securities trading for the day are those at which the last trade took place. For more details of market activities, see “JSE main market falls on Friday.”

Filed Under: Feature Stories, JSE Main Market, Stock Market Tagged With: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,

JSE main market falls on Friday

February 9, 2018 by

Trading on the Main Market of the Jamaica Stock Exchange ended on Friday with JSE All Jamaican Composite Index falling 1,081.34 points to 314,601.51 and the JSE Index shedding 985.23 points to 286,637.56.
Main and US market activities ended with moderate trading levels leading to prices of 12 securities rising, 12 falling, 4 trading firm as 28 securities traded, including 1 from the US market versus 27 on Thursday.
Main market activity ended with 5,977,622 shares valued at $168,448,904 changing hands, in contrast to 7,713,887 shares valued at $88,768,495 trading on Thursday.
The US market closed with Proven Investments exchanging 4,000 ordinary shares, at 22.95 US cents, with a value of US$918 and leading to the JSE US Equities Index easing just 0.05 points to close at 174.09.
Market activity ended with an average of 221,393 shares valued at $$6,238,848, in contrast to 296,688 shares valued at $3,414,173 on Thursday. The average volume and value for the month to date amounts to 172,863 units valued at 3,477,159 and previously, 165,819 units valued at 3,005,225. January ended with an average of 239,900 units valued at $5,158,193 for each security traded.
IC bid-offer Indicator| At the end of trading in the main and the US dollar markets, the Investor’s Choice bid-offer indicator reading shows 9 stocks ended with bids higher than their last selling prices and 2 closed with lower offers.
Major price changes at the close of the market are, Caribbean Cement dipped 95 cents to $33.05, Jamaica Broilers rose $1 to $19, Jamaica Producers dropped $2.50 to $15.50, Mayberry Investments fell $1.08 to $4.81, PanJam Investment rose $2.35 to $41.85 and Scotia Group lost $1 to end at $50. Jamaica Money Market Brokers 7.5% preference share traded 1.26 million units, NCB Financial traded just under 1.25 million units and Wisynco Group traded 742,000 units to close at $10.60.

For more details of market activities see – 12 stocks rose 12 fell in JSE trading – Friday.

Filed Under: Feature Stories, JSE Main Market, Stock Market Tagged With: , , , , , , , , ,

Junior Market index gains modestly

February 9, 2018 by

The Junior Market index closed trading on Friday with a modest rise in the Index of 15.60 points to 2,901.06 with 22 securities changing hands versus 21 on Thursday.
At the close of market activities, the prices of 7 securities advanced, 11 declined and 4 remained unchanged. Trading resulted in an exchange of 1,088,888 units valued at $5,102,530 compared to 3,844,782 units valued at $15,082,949 on Thursday.
Trading ended with an average of 49,495 units for an average of $231,933 in contrast to 183,085 units for an average of $718,236 on Thursday. An average of 163,753 units at an average value of $1,301,730 traded, and previously 183,089 units at an average value of $1,482,772. In contrast, January closed with an average of 122,386 shares, valued at $489,704 for each security traded.
IC bid-offer Indicator|At the end of trading, the Investor’s Choice bid-offer indicator reading shows 3 stocks ending with the bid higher than the last selling price and 3 with lower offers.
At the close of the market, Access Financial closed $2.25 higher at $47.40, with 2,050 shares, AMG Packaging ended with a loss of 5 cents at $2, with 150,822 stock units, Caribbean Cream ended trading with a loss of 50 cents at $5.70, with 4,375 shares, Caribbean Producers finished trading 40 cents higher at $4.60, with 40,875 units, Consolidated Bakeries closed at $2, with 2,500 shares. Derrimon Trading concluded trading 12 cents higher at $7.12, with 18,238 shares, Dolphin Cove finished with a loss of 50 cents at $16.50, with 1,920 stock units, Express Catering ended trading with a loss of 3 cents at $4.68, with 29,407 shares, FosRich Group traded at $2.70, with 163,869 shares. General Accident finished trading 5 cents higher at $2.85, with 22,523 shares, GWest Corporation closed with a loss of 10 cents at $2.90, with 41,331 stock units, Jamaican Teas settled 5 cents higher at $4.65, with 287 shares, Jetcon Corporation ended trading with a loss of 39 cents at $4.21, with 24,269 stock units. Key Insurance traded with a loss of 20 cents at $3.80, with 9,994 units, Knutsford Express closed 51 cents higher at $14.51, with 77,705 shares, Lasco Financial concluded trading 9 cents higher at $5.19, with 96,182 stock units, Lasco Manufacturing finished with a loss of 5 cents at $4.40, with 376,865 units. Main Event settled with a loss of 76 cents at $5.71, with 3,000 shares, Medical Disposables ended trading at $5, with 2,861 shares, Paramount Trading traded with a loss of 5 cents at $3.10, with 3,536 shares, Stationery and Office finished trading with a loss of 19 cents at $4.81, with 11,279 stock units and tTech ended at $5.40, with 5,000 shares changing hands.
Prices of securities trading for the day are those at which the last trade took place.

Filed Under: Feature Stories, JSE Junior Market, Stock Market Tagged With: , , , , , , , , , , , , , , , , , , , , , , ,

Q3 profit jumps 73% at Lasco Manufacturing

February 9, 2018 by

Lasco Manufacturing products.

Lasco Manufacturing profit, jumped 73 percent in the December quarter, to $195 million from $113 million in 2016. For the nine months to December, profit fell 24 percent to $533 million from $700 million in 2016.
Sale revenues rose 22 percent for the quarter, to $1.78 billion from $1.46 billion but fell 3 percent for the year to date, to $5.28 billion from $5.42 billion in 2016.
Improvement in profit margin in the first half of the year, declined in the December quarter to 32 percent from 34 percent in the 2016, for both the quarter and year to date period, as input cost climbed 27 percent, compared to just 1 percent for the year to date period. The effect, operating profit rose just 12 percent in the quarter to $561 million from $503 million but fell 9 percent for the year to date, to $1.66 billion from $1.83 billion in 2016.
Other operating expenses fell 10 percent to $301 million in the quarter but rose 5 percent in the nine months period to $698 million. Finance cost declined in the quarter, to $34 million from $42 million in 2016 and from $126 million to $99 million for the nine months period.
Earnings per share came out at 5 cents for the quarter and 13 cents for the nine months and should end the fiscal year ending to March around 20 cents.

Bottle heating machine at Lasco Manufacturing.

“Revenues and profits were impacted earlier in the year, by a number of factors including phasing down production in April and May, and additional marketing and brand building investments to support the brands and distribution discounts to support sales. The phasing down of production allowed for critical plant upgrades necessary for sustained improvements in output, cost efficiencies and quality. The expected improvements have materialized’ the Managing Director, James Rawle, stated in his report accompanying the quarterly.
Gross cash flow brought in $694 million but growth in receivables, inventories, addition to fixed assets offset by loan inflows and increased payables and paying $143 million dividends net overdrawn position ended at $518 million. At the end of December, shareholders’ equity stands at $4.84 billion with borrowings at just $1.75 million. Net current assets ended the period $1.52 billion well over Payables of $1.05 billion.
The company rolled out new juice drink in the December quarter and plan to launch carbonated beverages and an energy drink in the March quarter.
The stock traded at $4.40 on the Junior Market of the Jamaica Stock Exchange with a PE ratio of 22 times 2018 earnings. The company will go into a new year, come April, that should result in a lowering of the PE with IC Insider.com forecasting 30 cents per share for PE of 15 times earnings.

Filed Under: Company News, Company Results Tagged With: , , ,

Access Financial Q3 profit up 12%

February 9, 2018 by

Access Financial reports profit of $158 million in the December quarter, up 12 percent from $142 million in 2016, from trading revenues that grew 18 percent to $423 million from $358 million net of interest cost.
Net profit rose to $505 million, for the nine months over 2016, an increase of just $10.6 million, a mere 3 percent over the similar period in 2016, with provision for loan losses doubling.
Total trading income for the nine months to December, grew 23 percent to $1.22 billion, an increase of $225 million over 2016 and for the December quarter the increase was $65 million to $423 million from $358 million for an increase of 18 percent.
Loans income, rose $97 million or 10 percent to $1.04 billion for the nine months and by 21 percent to $379 million for the December quarter. Net fees and commission income jumped by 91 percent for the nine months to $270 million but by just 5 percent to $73 million in the December quarter.
Amounts set aside for loan losses increased just 12 percent in the quarter to $63 million and a sharp increase of 99 percent for the nine months, to $186 million, with the latter being well ahead of the increase in income for the period. Staff cost rose 24 percent for the December quarter to $99 million and by 42 percent to $277 million for the year to date period.

Access has a long history of consistent growth in income & profits

Total operating expenses for the nine months, increased by 33 percent to $698 million over 2016 and by just 10 percent to $238 million for the last quarter.
Total assets climbed to $3.43 billion at the end of December, from $2.96 billion in the prior year with the loan portfolio rising to $2.87 billion from $2.65 billion at the end of 2016 and $2.62 billion as of March 2017. Shareholders’ equity rose to just over $2 billion.
Earnings per share for the December quarter came in at 58 cents and for the year to date period to $1.84 and should end the full year around $2.60 for the full year for a PE of 17 times. IC Insider.com is forecasting earnings of $4.50 for the 2019 fiscal year for a PE of 10 times projected earnings. The stock last traded on the Junior Market of the Jamaica Stock Exchange at $45.15.

Filed Under: Company News, Company Results Tagged With: , , ,

11 stocks rose 9 fell in JSE trading – Thursday

February 8, 2018 by

Bulls active

The prices of 11 stocks securities trading on the main market of the Jamaica Stock Exchange rose on Thursday leading to strong gains in the market indices, with 7,713,887 shares valued at $88,768,495 changing hands at the close.
Market activity closed with 28 securities changing hands, as the prices 9 declined and 8 traded with the JSE All Jamaican Composite Index climbing 1,482.29 points to 315,682.85 and the JSE Index rising 1,350.53 points to 287,622.79.
In the main market activity, Berger Paints closed at $18, with 35,618 shares, Cable & Wireless concluded trading with a loss of 1 cent at $1.32, with 880,420 units, Carreras finished with a loss of 10 cents at $10.90, with 230,990 shares, Caribbean Cement settled 25 cents higher at $34, with 42,753 shares, Ciboney Group ended trading with a loss of 1 cent at 40 cents, as 1,063,621 shares changed hands. Grace Kennedy fell 15 cents to $43, with 12,213 stock units, Jamaica Broilers lost $1 to close at $18, with 40,445 units, Jamaica Producers closed $2.50 higher at $18, with 33,828 shares, Jamaica Stock Exchange gained 4 cents to $6.49, with 22,982 shares. JMMB Group concluded trading $1.01 higher at $25.01, with 182,000 shares, Mayberry Investments ended trading 13 cents higher at $5.89, with 47,990 shares, NCB Financial Group rose 1 cent to $100, with 501,618 shares, 1834 Investments finished trading with a loss of 1 cent at $1.39, exchanging 385 shares. 138 Student Living ended at $6.15, with 1,083 shares, PanJam Investment ended at $39.50, with 66,575 units, Portland JSX concluded trading with a loss of 61 cents at $9.50, with 3,000 shares, Radio Jamaica settled 1 cent higher at $1.06, with 64,747 shares, Sagicor Group ended trading with a loss of 1 cent at $35, with 54,549 stock units. Salada Foods traded 69 cents higher at $11.20, with 102,000 units, Scotia Group finished trading $1 higher at $51, with 46,822 shares, Seprod closed 50 cents higher at $30, with 3,080 shares, Supreme Ventures concluded trading with a rise of 5 cents to $11.70, with 45,769 stock units. Victoria Mutual Investments finished at $4.40, with 216,776 units and WISYNCO Group settled with a loss of 10 cents at $10.45, with 1,219,288 shares. In the main market preference segment, Jamaica Money Market 7.5% traded at $1.90, with 797 stock units, JMMB Group 7.5% closed at $1.10, with 2,794,538 shares, changing hands.

Prices of securities trading for the day are those at which the last trade took place. For more details of market activities, see “Strong up day for JSE main market – Thursday.”

Filed Under: Feature Stories, JSE Main Market, Stock Market Tagged With: , , , , , , , , , , , , , , , , , , , , , , , , , ,

Strong up day for JSE main market – Thursday

February 8, 2018 by

Trading on the Main Market of the Jamaica Stock Exchange ended on Thursday with JSE All Jamaican Composite Index jumping 1,482.29 points to 315,682.85 and the JSE Index climbing 1,350.53 points to 287,622.79.
Main and US market activities ended with moderate trading levels leading to prices of 11 securities rising, 9 falling, 7 trading firm as 27 securities traded, including 1 from the US market versus 30 on Wednesday.
Main market activity ended with 7,713,887 shares valued at $88,768,495 changing hands, in contrast to 8,750,362 shares valued at $150,223,412 trading on Wednesday.
The US market closed with Proven Investments exchanging 8,422 ordinary shares, at 22.95 US cents, with a value of US$1,933 and leading to the JSE US Equities Index rising 3.03 points to close at 174.14.
Market activity ended with an average of 296,688 shares valued at $3,414,173, in contrast to 312,513 shares valued at $5,365,122 on Wednesday. The average volume and value for the month to date amounts to 165,819 units valued at 3,005,225 and previously, 175,215 units valued at $3,541,807. January closed with average of 239,900 units valued at $5,158,193 for each security traded.
IC bid-offer Indicator| At the end of trading in the main and the US dollar markets, the Investor’s Choice bid-offer indicator reading shows 9 stocks ended with bids higher than their last selling prices and just 3 closed with lower offers.
Major price changes at the close of the market are, Jamaica Broilers with a fall of $1 to $18, Jamaica Producers jumping $2.50 to $18, JMMB Group rising $1.10 to $25.01, Sagicor Group falling $1 to $35 and Scotia Group up $1 to $51. Ciboney traded 1.06 million units and Wisynco Group trading 1.2 million units after the company reported a 23 percent rise in second quarter profits to December and JMMB Group 7.5% preference shares added just under 2.8 million units to the day’s volume.
For more details of market activities see – 11 stocks rose 9 fell in JSE trading – Thursday.

Filed Under: Feature Stories, JSE Main Market, Stock Market Tagged With: , , , , , , , , , , , ,

Profit jumps 49% at Salada Foods

February 8, 2018 by

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.

Filed Under: Company News, Company Results Tagged With: , ,

Junior Market falls for 3rd day

February 8, 2018 by

Lasco Distributors traded nearly 2 million shares after the company released profit up 237% for the December quarter on flat revenues.

The Junior Market index fell for the third time in 11 days at the close of trading on Wednesday. The Index dropped 41.38 points to close at 2,885.46 with 21 securities changing hands versus 22 on Wednesday.
At the close of market activities, the prices of 8 securities advanced, 9 declined and 4 remained unchanged. Trading resulted in an exchange of 3,844,782 units valued at $15,082,949 compared to 4,135,642 units valued at $14,508,179 on Wednesday. Volume was swollen by General Accident with just over 1 million units and Lasco Distributors with 1,953,030 shares.
Trading ended with an average of 183,085 units for an average of $718,236 in contrast to 187,984 units, for an average of $659,463 on Wednesday. An average of 183,089 units at an average value of $1,482,772 traded, and previously 183,090 units, at $1,630,068. In contrast, January closed with an average of 122,386 shares, valued at $489,704 for each security traded.
IC bid-offer Indicator|At the end of trading, the Investor’s Choice bid-offer indicator reading shows 4 stocks ending with the bid higher than the last selling price and 5 with lower offers.
At the close of the market, Access Financial closed 15 cents higher at $45.15, with 989 shares, Blue Power concluded trading with a loss of $1 to end at $34, with 3,544 units changing hands, CAC 2000 finished 35 cents higher at a 52 weeks’ high of $9.05, with 2,142 shares, Caribbean Flavours traded with a loss of 10 cents at $10.90, with 5,154 stock units, Caribbean Producers finished trading at $4.20, with 16,464 units. C2W Music ended with a loss of 9 cents at $0.51, with 7,000 shares, Derrimon Trading concluded trading with a loss of 50 cents at $7, with 7,000 shares, Eppley settled 2 cents higher at $12.52, with 1,100 units, FosRich Group traded at $2.70, with 150,482 shares. General Accident finished trading with a loss of 19 cents at $2.80, with 1,008,000 shares, GWest Corporation closed with a loss of 1 cent at $3, with 30,279 stock units, Honey Bun ended 2 cents higher at $5.12, with 16,000 units, Jamaican Teas settled at $4.60, with 3,209 shares. Jetcon Corporation ended trading 40 cents higher at $4.60, with 11,100 stock units, Knutsford Express closed with a loss of 40 cents at $14, with 51,800 shares, Lasco Distributors ended 95 cents higher at $4.95, with 1,953,030 shares, Lasco Financial concluded trading with a loss of 10 cents at $5.10, with 325,131 stock units. Lasco Manufacturing finished 15 cents higher at $4.45, with 129,629 units, Main Event settled 77 cents higher at $6.47, with 35,344 shares, Medical Disposables ended trading at $5, with 6,000 shares and Paramount Trading ended with a loss of 24 cents at $3.15, with 81,385 shares changing hands.
Prices of securities trading for the day are those at which the last trade took place.

Filed Under: Feature Stories, JSE Junior Market, Stock Market Tagged With: , , , , , , , , , , , , , , , , , , , , , ,