7 juniors stocks rose 2 fell
The junior market ended with 11 securities traded as the junior market index fell 3.83 points to 1,281.95 with 1,300,792 units, valued at $14,184,687, changing hands as 7 stocks advanced and 2 declined.
The market ended with 5 securities ended with no bids to buy, while 2 had no stocks being offered for sale. A total of 7 stocks closed with bids higher than the last traded prices and 1 closed with a lower offer.
In trading, Caribbean Cream price slipped 33 cents and closed at $2.90 with 120,000 shares changing hands. Caribbean Flavours traded at $3.50 with 19,392 shares changing hands, Caribbean Producers traded 414,000 units to end at $2.99, Consolidated Bakeries rose 10 cents in traded 59,878 shares, to end at $1.30. General Accident Insurance ended with 127,562 shares changing hands to gain 5 cents and end at $1.90, KLE Group had 116,279 units changing hands at 43 cents, Knutsford Express traded 132,617 shares at $6.20 after adding 5 cents to end at a new 52 weeks’ high, Lasco Distributors with 10,763 shares changing hands, closing 3 cents higher at $2.86. Lasco Financial closed at a new all-time closing high of $2.60 while 147,651 shares changed hands with the price rising 10 cents, the stock traded at $2.65 during the day, Lasco Manufacturing traded 147,651 shares to end at $3.49 after trading 14 cents higher and Medical Disposables closed at $2.55 with a rise of 20 cents with 10,000 shares traded.
Knutsford doubles profit
Knutsford Express more than doubled its profit for the first quarter to August, with a jump of 109 percent to $35.7 million, from $17 million in 2014 and revenues that climbed 38.5 percent to $143 million. The increased revenue “was due to growth in passenger travel” the company stated in its report to shareholders.
Administrative and general operating expenses grew by a much slower 23 percent to $104 million than revenue. Depreciation climbed from $5.4 million to $7.55 million and finance amounts to $3.9 million and is up from $2.3 million in 2014.
Unfortunately the company has not provided information on the composition of administrative and general operating expenses. Based on the last audited financials, the largest cost items are fuel, accounting for around 19 percent of cost, labour for 34 percent and repairs around 10 percent for a total of 43 percent or thereabout.
Earnings per share is 36 cents for the 2015 quarter, putting full year earnings in the $1.60 region.
The company provides a popular coach bus service that plies between Kingston and the North and South coasts of Jamaica. Service was extended to Port Antonio from Ocho Rios earlier in 2015 but will take time to build as more persons become familiar with it. Going forward it is unsure what the opening of the highway to Ocho Rios from Kingston will mean for growth. What is sure it will take less time to cover the route with less operating cost per trip and will allow them to better compete with air travel as the time factor to and from Montego Bay and Kingston will be reduced.
The stock is listed on the junior market of the Jamaica Stock Exchange and has been trading around $6.10, for some time. These results should give the price a lift as the value is very low compared to others on the market, but management needs to improve on the inadequate manner of reporting the results, if not investors will be skeptical about the financial performance and shy away from the stock.
At the end of the quarter, shareholders equity stands at $250 million and liabilities of just $91 million and current assets of $157 million which includes cash and investments of $79 million and other assets of $61 million that rose from $21 million in May this year.
The company paid a dividend of 15 cents per share on September 15.
4 junior stocks gain on Tuesday
The junior market ended on Tuesday with the index falling marginally by 0.60 points to close at 950.33. A total of 4 stocks advanced, none declined with a total of 9 securities trading. The market ended with 772,681 units, valued at $1,436,470 changing hands.
The market ended with 4 securities with no bids to buy, while 7 had no stocks being offered for sale. A total of 7 stocks closed with bids higher than the last traded prices and 2 closed with lower offers.
Stocks trading are, Caribbean Cream ended with 185,000 shares changing hands at $1.71, as the price rose 6 cents, Caribbean Producers traded 23,000 units to close at $2.35, General Accident trading 26,621 sharesCargo Handlers with 550 shares changing hands ended at $31, to end at $1.46 with a 1 cent rise. Honey Bun had 10,000 shares trading with an increase of 28 cents to close at a 52 weeks’ high of $4.28, Knutsford Express had 8,000 shares changing hands at $6.10, Lasco Distributors with 115,800 shares trading, closed at $1.84 after rising by 2 cents. Lasco Financial ended with 174,000 shares changing hands for a decline of at $1.55, Lasco Manufacturing with 229,630 shares trading closed at $1.90.