Profit jumps 237% at Lasco Distributors

February 8, 2018 by

 

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.

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Junior Market drops for 2nd time in 10 days

February 7, 2018 by

The Junior Market index fell for the second time in 10 days at the close of trading on Wednesday. The market Index dropped 41.50 points to close at 2,926.84 with 22 securities changing hands versus 20 on Tuesday.
At the close of market activities, the prices of 5 securities advanced, 10 declined and 7 remained unchanged. Trading resulted in an exchange of 4,135,642 units valued at $14,508,179 compared to 1,300,476 units valued at $5,393,216 on Tuesday.
Trading ended with an average of 187,984 units for an average of $659,463 in contrast to 65,024 units for an average of $269,661 on Tuesday. An average of 183,090 units at $1,630,068 traded and previously 181,852 units at $1,875,509. In contrast, January that 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 6 with lower offers.
At the close of the market, Access Financial closed with a loss of $2.40 at $45, with 750 shares trading, AMG Packaging ended 5 cents higher at $2.05, with 311,150 stock units, Cargo Handlers settled at $10.50, with 11,900 shares changing hands, Caribbean Cream climbed 70 cents to close at $6.20, with 54,000 units, Caribbean Flavours traded at $11, with 4,881 stock units. Caribbean Producers finished trading with a loss of 30 cents at $4.20, with 460,594 units, Dolphin Cove finished at $17, with 1,450 shares, Express Catering ended trading with a loss of 4 cents at $4.71, with 6,315 stock units traded, FosRich Group traded with a loss of 9 cents at $2.70, with 49,924 units exchanged. General Accident finished trading 9.00 cents higher at $2.99, with 38,691 shares, GWest Corporation closed with a loss of 18.00 cents at $3.01, with 2,636,396 stock units, Honey Bun ended 9 cents higher at $5.10, with 14,252 units, Jamaican Teas settled at $4.60, with 31,654 shares. Jetcon Corporation ended trading at $4.20, with 6,095 stock units, KLE Group finished trading at $2.20, with 898 shares, Knutsford Express closed with a loss of 10 cents at $14.40, with 4,800 shares, Lasco Distributors ended with a loss of 50 cents at $4, with 315,848 shares changing hands. Lasco Financial concluded trading with a loss of 5 cents at $5.20, with 124,027 stock units trading, Lasco Manufacturing finished with a loss of 12 cents at $4.30, with 31,605 units, Main Event closed 20 cents higher at $5.70, with 3,262 shares, Stationery and Office finished trading at $5, with 1,650 stock units and tTech ended with a loss of 60 cents at $5.40, with 25,500 shares changing hands.
Prices of securities trading for the day are those at which the last trade took place.

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JSE main market dropped on Wednesday

February 7, 2018 by

Trading on the Main Market of the Jamaica Stock Exchange ended on Wednesday as the JSE All Jamaican Composite Index fell 701.49 points to 314,200.56 and the JSE Index declined by 639.13 points to 286,272.26.
Main and US market activities ended with moderate trading levels leading to prices of 9 securities rising, 10 falling, 11 trading firm as 30 securities traded, including 1 from the US market versus 29 on Tuesday.
Main market activity ended with 8,750,362 shares valued at $150,223,412 changing hands, in contrast to 1,619,946 shares valued at $24,684,399 trading on Tuesday.
The US market closed with Proven Investments exchanging 538,360 ordinary shares, at 22.95 US cents, with a value of US$124,579 and leading to the JSE US Equities Index falling 2.99 points to close at 171.11.
Market activity ended with an average of 312,513 shares valued at $5,365,122, in contrast to just an average of 57,855 shares valued at $881,587 on Tuesday. The average volume and value for the month to date amounts to 175,215 units valued at $3,541,807 and previously, 138,250 units valued at 2,267,631. 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 8 stocks ended with bids higher than their last selling prices and just 1 closed with a lower offer.
Major price changes at the close of the market are, Kingston Wharves gained $1 to a 52 weeks’ high of $36.50, Jamaica Broilers lost $1 to $18, Sagicor Group rose $1.25 to $36 and Sterling investments lost 90 cents to close at a low of $9.10. Dominating trading, are Ciboney that traded 1.295 million units, PanJam Investment 1.5 million shares and Sagicor Real Estate Fund clearing 3.26 million units.

For more details of market activities see – 9 JSE stocks rose 10 fell – Wednesday.

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9 JSE stocks rose 10 fell – Wednesday

February 7, 2018 by

The prices of 9 stocks securities trading on the main market of the Jamaica Stock Exchange rose but 10 fell and 9 held firm on Wednesday leading to fall in the market indices, with 8,750,362 shares valued at $150,223,412 trading.
Trading volume was dominated by Ciboney with 1.295 million units, PanJam Investment 1.5 million shares and Sagicor Real Estate Fund clearing 3.26 million units.
Market activity closed with 28 securities changing hands, with the JSE All Jamaican Composite Index dropped 701.49 points to 314,200.56 and the JSE Index falling 639.13 points to 286,272.26.
In the main market activity, Berger Paints closed 50 cents higher at $18, with 5,313 shares, Barita Investments ended with a loss of 49 cents at $7.51, with just 100 stock units, Cable & Wireless concluded trading at $1.33, with 69,509 units, Carreras finished at $11, with 352,348 shares, Caribbean Cement settled with a loss of 25 cents at $33.75, with 177,113 shares. Ciboney Group ended trading 1 cent higher at 41 cents, with 1,295,086 shares, Grace Kennedy traded 15 cents higher at $43.15, with 912 stock units, Jamaica Broilers finished trading at $19, with 15,704 units, Jamaica Producers closed with a loss of 50 cents at $15.50, with 195,833 shares. JMMB Group concluded trading with a loss of 50 cents at $24, with 195,356 shares, Kingston Properties finished with a loss of 1 cent at $6, with 200,000 stock units, Kingston Wharves closed $1 higher at 52 weeks’ high of $36.50, with 150 units, Mayberry Investments ended trading with a loss of 29 cents at $5.76, with 176,568 shares. NCB Financial Group traded 29 cents higher at $99.99, with 144,707 shares, 138 Student Living ended at $6.15, with 1,500 shares, PanJam Investment ended with a loss of 55 cents at $39.50, with 1,500,000 units, Pulse Investments finished at $1.80, with 13,903 shares, Radio Jamaica settled with a loss of 7 cents at $1.05, with 71,020 shares. Sagicor Group ended trading $1.25 higher at $36, with 14,245 stock units, Scotia Group finished trading at $50, with 8,769 shares, Seprod closed 68 cents higher at $29.50, with 16,774 shares, Sterling Investments ended with a loss of 90 cents at $9.10, with 80,752 shares. Supreme Ventures concluded trading 8 cents higher at $11.65, with 11,067 stock units, Victoria Mutual Investments finished 5 cents higher at $4.40, with 130,063 units, Wisynco Group settled with a loss of 20 cents at $10.55, with 388,813 shares and Sagicor Real Estate Fund ended trading with a loss of 30 cents at $14.65, with 3,260,757 shares. In the main market preference segment, Jamaica Money Market 7.5% traded at $1.90, with 6,000 stock units, JMMB Group 7.5% closed at $1.10, with 418,000 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 “JSE main market dropped on Wednesday.”

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Wisynco profit up 23% for Q2

February 7, 2018 by

Wisynco profit rose 23% in the December quarter last year.

Wisynco recorded a 23 percent rise in profit after tax, for the December quarter of $578 million or 16 cents per share, compared to 13 cents per share for the corresponding quarter of 2016.
For the six months to December, net profit ended at $1.22 billion, up just 7 percent over the $1.15 billion earned in 2016 or 34 cents per share versus 32 cents for the corresponding period of 2016.
Revenues for the quarter of $6.14 billion, rose 14.5 percent over the $5.36 billion generated in the corresponding quarter of 2016. Six months’ revenues climbed 15.8 percent to $12.25 billion from $10.59 billion. Gross profit for the quarter rose much faster than revenues, for both the quarter and for the half year. The latest quarter recorded an increase of 26.3 percent, to $2.39 billion over $1.90 billion generated in 2016 and by 20 percent for the half year to $4.58 billion, compared to $3.5 billion, in the previous year.

Wisynco, producers of Wata..

Gross profit margin improved to 39 percent for the quarter compared to 35.3 percent for corresponding quarter of the previous year. For the 6 months ended December, gross profit margin was ahead by 1.4 percent of 2016 to 37.4 percent.
Selling, Distribution and Administrative Expenses for the quarter totaled $1.54 billion or 15.7 percent more than the $1.33 billion for the corresponding quarter of the prior year. “Expenses for the quarter included $26 million of costs related to the May 2016 fire and $71 million for the year to date, and the Directors feel these should be fully behind us by the middle of the 4th Quarter” the directors reports stated.

Selling and distribution expenses rose 13 percent to $2.6 billion for the six months while Administration cost climbed sharply to $235 billion from $134 million for the December quarter and for the six months, cost rose to $312 from $255 million in 2016.
Finance Costs for the quarter rose to $133 million from $31 million in 2016 and for the six months, finance cost moved from $74 million, to $145 million. According to the directors report to shareholders part of the increase “is a loss on the revaluation of our US dollar deposits of approximately $79 million due to the Jamaican dollar revaluation to a quarter end rate of 125, at the end of December 2017.”

Wisynco operates at two main locations situated in St. Catherine: White Marl and Lakes Pen.

The directors reported that, “the quarter in question saw some challenges even as we recorded fairly good growth in top line revenue. We had some of the highest level of rainfall in many years during the quarter which does not auger well for our customers’ businesses as well as beverage sales generally. The construction of our cold storage facilities has also been delayed slightly due to the rains and this would have impacted on our chilled and frozen business. We now expect our cold storage facility to be complete during the 4th quarter which will result in improved distribution and cost synergies. During the quarter we continued to look at ways to reduce sugar intake for consumers through initiatives such as reducing portion sizes in our full sugar products as well as reduced sugar formulas for our beverage portfolio.”
At the end of the year current assets stood at $7.9 billion with cash funds of $3.3 billion, against current liabilities of $2.9 billion. Borrowings amounted to $2.8 billion with equity capital of $7.8 billion that reflects the sale of shares to the public in December that brought in $1.1 billion and after paying dividend of just over $1 billion.
Based on the results for the quarter and half the company is on target to deliver earnings around 70 cents for share for the full year. The stock last traded at $10.55 on the Jamaica Stock Exchange for a PE of 15, for the 2019 fiscal year IC Insider.com is forecasting $1.10 per share in earnings for a PE of 10.

Filed Under: Company News, Company Results Tagged With:

JSE main market in sharp fall – Tuesday

February 6, 2018 by

Scotia Group dropped $3.50 to be a major factor for the market fall.

Trading on the Main Market of the Jamaica Stock Exchange ended on Tuesday with JSE All Jamaican Composite Index fell by 2,849.06 points to 314,902.05 and the JSE Index declined by 2,595.81 points to 286,911.39.
Main and US market activities ended with moderate trading levels leading to prices of 14 stocks falling, 6 rising and 9 trading firm as 29 securities traded, versus 26 on Monday, including 1 from the US market.
Main market activity ended with 1,619,946 shares valued at a mere $24,684,399 changing hands, in contrast to 2,142,032 shares valued at a mere $25,490,496 trading on Monday.
The US market closed with Proven Investments exchanging 436,300 ordinary shares, at 22.95 US cents, with a value of US$98,424 and leading to the JSE US Equities Index remaining unchanged at 174.10.
Market activity ended with an average of 57,855 shares valued at $$881,586, in contrast to 76,501 shares valued at $910,375 on Monday. The average volume and value for the month to date amounts to 138,250 units valued at $2,267,631 and previously, 167,869 units valued at $2,778,279 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 5 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, PanJam Investment lost $1.80, Scotia Group dropped $3.50, Seprod fell $1.18 and Sterling Investments closed at a 52 weeks’ low after falling $1.10.
For more details of market activities see – 14 stocks fall 6 rise in JSE trading – Tuesday.

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14 stocks fall 6 rise in JSE trading – Tuesday

February 6, 2018 by

Sterling Investments closed at a new low on Tuesday

The prices of 14 stocks Fourteen securities trading on the main market of the Jamaica Stock Exchange declined leading to a sharp pull back in the market indices at the close with 1,619,946 shares valued at a mere $24,684,399 trading, compared with 2,142,032 shares valued at $25,490,496 changing hands, on Monday.
Market activity closed with 28 securities changing hands, leading to the prices of just 6 stocks rising, 14 declining and 8 trading firm.
At the close of the market the JSE All Jamaican Composite Index dropped 2,849.06 points to 314,902.05 and the JSE Index dived 2,595.81 points to 286,911.39.
In the main market activity, Berger Paints closed with a loss of 50 cents at $17.50, with 3,952 shares, Cable & Wireless concluded trading with a loss of 2 cents at $1.33, with 21,465 units, Carreras finished at $11, with 112,572 shares, Caribbean Cement settled with a loss of 50 cents at $34, with 5,430 shares, Ciboney Group ended trading 9 cents higher at $0.40, with 254,355 shares. Grace Kennedy traded at $43, with 43,627 stock units, Jamaica Broilers finished trading at $19, with 16,167 units, Jamaica Producers closed at $16, with 37,973 shares, Jamaica Stock Exchange ended with a loss of 5 cents at $6.45, with 16,400 shares. JMMB Group concluded trading with a loss of 50 cents at $24.50, with 137,812 shares, Kingston Wharves settled 50 cents higher at $35.50, with 10,000 units, Mayberry Investments ended trading at $6.05, with 3,593 shares, NCB Financial Group traded with a loss of 29 cents at $99.70, with 30,557 shares. 1834 Investments closed trading 10 cents higher at $1.40, with 1,534 shares, 138 Student Living ended at $6.15, with 1,050 shares, PanJam Investment ended with a loss of $1.80 at $40.05, with 3,987 units, Pulse Investments finished at $1.80, with 10,000 shares, Radio Jamaica settled 2 cents higher at $1.12, with 14,100 shares. Sagicor Group ended trading with a loss of 75 cents at $34.75, with 115,488 stock units, Sagicor Real Estate Fund ended trading with a loss of 95 cents at $14.95, with 40,069 shares. Salada Foods traded 1 cent higher at $10.51, with 2,950 units, Scotia Group finished trading with a loss of $3.50 at $50, with 35,767 shares, Seprod closed with a loss of $1.18 at $28.82, with 1,950 shares. Sterling Investments ended with a loss of $1.10 at a 52 weeks’ low of $10, with 11,000 shares, Supreme Ventures concluded trading with a loss of 43 cents at $11.57, with 44,956 stock units, Victoria Mutual Investments finished 5 cents higher at $4.35, with 147,585 units, Wisynco Group settled at $10.75, with 494,217 shares and In the main market preference segment, Jamaica Money Market 7.5% traded with a loss of 9 cents at $1.90, with 1,390 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 jumps sharply – Monday.”

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Junior Market drops for first time in 9 days

February 6, 2018 by

The Junior Market index fell for the first time in 9 days at the close of trading on Tuesday. The market Index dropped 28.30 points to close at 2,968.34 with 20 securities changing hands versus 25 on Monday.
At the close of market activities, the prices of 5 securities advanced, 8 declined and 7 remained unchanged. Trading resulted in an exchange of 1,300,476 units valued at $5,393,216 compared to 846,548 units valued at $3,734,611 on Monday.
Trading ended with an average of 65,024 units for an average of $269,661 in contrast to 33,862 units for an average of $149,384 on Monday. An average of 181,852 units at $1,875,509 traded and previously 216,726 units at $2,354,867. In contrast, January that 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 6 with lower offers.
At the close of the market, AMG Packaging ended at $2, with 248,175 stock units, Cargo Handlers settled 5 cents higher at $10.50, with 24,134 shares, Caribbean Flavours traded at $11, with 119 stock units, Caribbean Producers finished trading at $4.50, with 204,810 units, Express Catering ended trading with a loss of 10 cents at $4.75, with 75,500 shares. FosRich Group traded 14 cents higher at $2.79, with 33,106 shares, General Accident finished trading with a loss of 9 cents at $2.90, with 42,517 shares, GWest Corporation closed with a loss of 1 cent at $3.19, with 4,535 stock units, Honey Bun ended with a loss of 49 cents at $5.01, with 14,000 units. Jamaican Teas settled at $4.60, with 140,078 shares, Jetcon Corporation ended trading with a loss of 60 cents at $4.20, with 18,317 stock units, Key Insurance traded 45 cents higher at $4, with 12,000 units, Knutsford Express closed at $14.50, with 2,100 shares. Lasco Distributors ended with a loss of 10 cents at $4.50, with 229,775 shares, Lasco Financial concluded trading 3 cents higher at $5.25, with 48,030 stock units, Lasco Manufacturing finished with a loss of 3 cents at $4.42, trading 51,830 units, Main Event settled at $5.50, with 67,652 shares. Medical Disposables ended trading 5 cents higher at $5, with 3,139 shares, Paramount Trading closed with a loss of 1 cent at $3.39, exchanging 13,615 shares and Stationery and Office finished trading at $5, with 67,044 stock units changing hands, but the price hit a low of $4 during early trading before rebounding.
Prices of securities trading for the day are those at which the last trade took place.

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14 stocks rose in JSE trading – Monday

February 5, 2018 by

The prices of 14 stocks Fourteen Trading on the main market of the Jamaica Stock Exchange pulled back sharply at the close on Monday with 2,142,032 shares valued at $25,490,496 changing hands, in contrast to 4,761,651 shares valued at $85,619,819 trading on Friday.
Market activity closed with 28 securities changing hands, leading to the prices of 14 stocks rising, 6 declining and 8 trading firm.
At the close of the market the JSE All Jamaican Composite Index 2,285.34 points to 317,751.11 and the JSE Index advanced 2,082.21 points to 289,507.20.
In main market activity, Barita Investments ended at $8, with 5,300 stock units changing hands, Berger Paints closed with a rise of 65 cents at $18, with 2,943 shares, Cable & Wireless concluded trading at $1.35, with 501,420 units, Carreras finished with a loss of 15 cents at $11, in exchange of 214,066 shares, Caribbean Cement settled $1 higher at $34.50, with 152,205 shares. Ciboney Group ended trading 9 cents higher at 31 cents, with 1,000 shares, Grace Kennedy traded at $43, with 45,448 stock units, Jamaica Broilers finished trading 60 cents higher at $19, with 15,283 units, Jamaica Producers closed at $16, with 500 shares. Jamaica Stock Exchange ended at $6.50, with 11,400 shares, JMMB Group concluded trading 50 cents higher at $25, with 17,444 shares, Kingston Wharves settled $1 higher at 52 weeks’ high of $35, with 2,605 units, Mayberry Investments ended trading 25 cents higher at $6.05, with 54,958 shares. NCB Financial Group traded with a loss of 1 cent at $99.99, with 42,656 shares, PanJam Investment climbed $1.85 to close at $41.85, with 313 units, Portland JSX concluded trading with a loss of 89 cents at $10.11, with 1,000 shares, Pulse Investments finished at $1.80, with 5,000 shares. Radio Jamaica settled 5 cents higher at $1.10, with 900 shares, Sagicor Group ended trading 25 cents higher at $35.50, with 32,440 stock units, Sagicor Real Estate Fund ended trading $1.40 higher to close at a record $15.90, with 12,400 shares. Scotia Group finished trading at $53.50, with 13,109 shares, Seprod closed with a loss of $4 at $30, with 1,784 shares. Sterling Investments ended at $11.10, with 1,708 shares, Supreme Ventures concluded trading 44 cents higher at $12, with 10,100 stock units, Victoria Mutual Investments finished 10 cents higher at $4.30, with 232,213 units, Wisynco Group settled at $10.75, with 561,023 shares and In the main market preference segment, Jamaica Money Market Brokers 7.5% traded with a loss of 1 cent at $1.99, with 200,000 stock units, JMMB Group 7.5% closed with a loss of 5 cents at $1.10, with 2,814 shares trading.
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 jumps sharply – Monday.”

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JSE main market jumps sharply – Monday

February 5, 2018 by

Bulls may be lurching to pounce on Jamaican stocks.

Trading on the Main Market of the Jamaica Stock Exchange ended on Monday with JSE All Jamaican Composite Index jumped 2,285.34 points to 317,751.11 and the JSE Index climbed by 2,082.21 points to 289,507.20.
Main and US market activities ended with 15 stocks rising, 6 declining and 8 trading firm as 29 securities traded, versus 26 on Friday, including 1 from the US market.
Main market activity ended with 2,142,032 shares valued at a mere $25,490,496 changing hands, in contrast to 4,761,651 shares valued at $85,619,819 trading on Friday.
The US market closed with Proven Investments exchanging 428,900 ordinary shares, rising 1.95 cents to 22.95 US cents, with a value of US$98,424 and leading to the JSE US Equities Index rising 8.03 points to end at 174.10.
Market activity ended with an average of 76,501 shares valued at $$910,375, in contrast to 190,466 shares valued at $3,424,793 on Friday. The average volume and value for the month to date amounts to 167,869 units valued at $2,778,279 and previously, 221,167 units valued at $3,867,890. 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 10 stocks ended with bids higher than their last selling prices and just 1 closed with a lower offer.
Major price changes at the close of the market are, Caribbean Cement and Kingston Wharves both gained $1, with the latter traded at a new high of $35, PanJam Investment rose $1.85, Sagicor Real Estate Fund traded with a gain of $1.40 to close at a record high of $15.90 and Seprod dropped $4.

For more details of market activities see – 14 stocks rose in JSE trading – Monday.

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