Teas could have a good year

Jamaican Teas DoorJamaican Teas enjoyed good exports sales for the second quarter to March continuing the appreciable growth in the first quarter. Exports moved by 26.6 percent from $64 million to $81 million for the latest quarter and year-to-date $118 million moving to $184 million for an increase of 56 percent.
The strength in exports contributed to the overall increase in sales which moved from $259.2 million to $292.5 million, an increase of 12.8% in the quarter, helping to push profit to $20 million in the March quarter, a 19.8% increase from the comparable period in the prior year. Profit for the six months to March was $43 million, an increase of 16.2% compared to the related period in 2014.
Earnings per share is up to 26 cents for the six months and 12 cents for the quarter, with the expected completion of sale of units in the development property earnings could end up around 80 cents per share for the fiscal year, this could change depending on whether the company disposes of some of the equities it is holding. Sales for the six months to March 2015, are up 14.4 percent to $611 million from $534 million in the prior year.
Exports were helped considerably by the coming on board of a new distributor in the eastern cost of the United States which will see the company products being sold in Wall Mart stores during 2015. Exports were also helped by restoration of sales in the Florida area that was disrupted in the previous financial year from modification in distributorship in that area. Local sales in the manufacturing operations are ahead of the prior year but are not a buoyant as could be expected.

The Orchid property being developed that should add to Jamaican Teas' profits in 2015 & 2016.

The Orchid property being developed that should add to Jamaican Teas’ profits in 2015 & 2016.

The first phase of the real estate development comprising 29 houses has been completed with 5 houses remaining to be sold. Delivery of houses to buyers will commence shortly and should be completed by the end of the fiscal year.
The company’s investment portfolio showed encouraging increase in value, with gains of $12 million during the quarter and $14 million year to March, subsequently it has increased further with the growth in the local stock market.
Jamaican Teas borrowings are at $397 million at March, $310 million is long term, the group equity of $691 million, investments at March amounting to $126 million with cash funds of $27 million. On completion of sales of units in the development property there will be a sharp reduction in loans outstanding and or a build-up in cash.
Jamaican Teas is involved primarily in the production of ingredients for hot beverages, but also sells water and other ready to prepare food products as well as operators supermarkets and in the real estate development. The company is listed on the Jamaica Stock Exchange junior market and last traded at $3.

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