Readymix West Indies (RML) achieved a net profit after tax of TT$6.3 million for the third quarter of 2015, compared with $2.6 million for the same period last year. Year to date profit after tax for 2015 rose to $13.8 million and is 34 percent above the year to date for 2014, of $10.3 million.
Earnings per share for the quarter amounts to 53 cents versus 33 cents in 2014 for the quarter and $1.16 versus $1 in 2014. The company discontinued operations in Barbados in 2014, excluding losses incurred in the discontinued business, results in earnings of 50 cents per share for the quarter in 2014 and $1.21 for the nine months.
Revenue for the quarter fell 7 percent to $57 million from $61 in 2014. It increased 7 percent for the nine months to $174 million from $162 million in 2014. The decline in sales in the September quarter was “impacted by a slowdown in the construction sector”, chairman of the company Nigel Edwards and the Group CEO, Jose Luis Seijo Gonzalez stated in a joint release with the financials.
The company generated cash flow from operations of $53 million up from $12 million in 2014 and ended with cash and equivalent of $58 million from $12 million in September last year.
RML has equity capital of $105 million, current assets of $111 million, current liabilities of $41 million and non-current liabilities of $10 million.
The company is a subsidiary of Trinidad Cement, its shares are listed on the Trinidad and Tobago Stock Exchange (TTSE), it provides premix concrete mixtures to customers in the construction sector. The stock last traded at $18.79 on the TTSE on January 6 this year but ends trading with a bid of TT17.72 on Friday October 30, putting the value at a PE of 10.
RML sheds loss maker grows profit
Barita scores big with 376% winner
Much have changed in the Jamaica stock market since September. All the JSE indices hit new record highs during the October. In September a listing of three sets of stock recommendations were reported on.
With October now ended, IC Insider updated the chart to see how well each selector did. We let the readers make their own judgement. Bear in mind that only one month has so far elapsed. Suffice to say, Barita Investment scored big with their Desnoes & Geddes selection, with a gain on of 376 percent to record the biggest gain by far. IC Insider would place a hold on any buying of Cable & Wireless at this stage with the big run up in the price recently and would be cautious on Lasco Manufacturing at current prices although the stock has strong long term growth potential.
Note that the PE ratios in the table was the ratio at the time of selection, with prices having changed the current PE will have mostly moved upwards.
Witco growing profit up bit by bit
Revenues for West Indian Tobacco rose moderately to $293 million from $282 million for the quarter and for the nine months to September 2015 and increase of 4 percent to $909 from $872 million in 2014, including excise taxes.
The slight revenue growth resulted in a 9.7 percent increase in profit before taxation of TT$479 million, for the nine months and profit after taxation of $354 million, an increase of 7.6 percent over 2014. For the September 2015 quarter, profit after taxation ended at $113 million an increase of 6.7 percent over 2014.
Expenses were kept below that of 2014, in the latest quarter and year to date, with only selling and distribution expenses showing a slight increase of $600,000 for the year to date.
The Board has accordingly approved the payment of a third interim dividend of $1.44 per ordinary share payable on 30 November 2015 to shareholders of record at close of business on 11 November. For the year to date dividends already paid amounts $3.17. Witco has been paying all of its profit each as dividends with a pay out of $5.51 from full year earnings of $5.81 in 2014.
The company is a subsidiary of British American Tobacco Company and is listed on the Trinidad and Tobago Stock Exchange (TTSE), it manufactures and markets cigarettes. The stock last traded at $126 on the TTSE. Earnings per share for the quarter is, $1.34 versus $1.26 in 2014 and for the year to date, $4.20 versus $3.91 in 2014 and the net book value works out at $4 per share with the equity of $336 million. Earnings per share should reach $6.25 for 2015 and would result in a PE of 20 times earnings.
Q4 Profit jumps 215% at AMG
AMG Packaging enjoyed a great year to August, with 74 percent jump in profits to $79 million over 2014 and 86 percent before expenses incurred for the new toilet tissue operation. For the last quarter of the fiscal year things were even better with a 215 percent jump to $27 million.
AMG Packaging report big gains in profit for 2015
A sharp $4.5 million fall in fuel cost and repairs and maintenance respectively, a 50 percent cut in selling and distribution expenses amounting to $7 million, and lesser declines in wages, electricity along with an increase in revenues helped to improve gross profit, margins and the results for the year.
Gross cash flow generated from operations came in at $92 million, up from $58 million in 2014. Going forward its unclear what impact the new operations will have, barring any major losses IC Insider is forecasting $1.05 per share after tax for 2016, the first year of reduced taxation will be payable. The company paid dividends of $18.4 million during the fiscal year and in the prior year $20.5 million.
Looks like a greater stability in raw material cost and attention paid to cost in a number of areas, paid rich dividend in the past four quarters and in particular the final quarter. Cost of sales fell from $491 million in 2014 to $484 million and gross profit jumped to $149.4 million from $116 million, an increase of 28.6 percent. Revenues rose moderately by 3 percent for the quarter to $172 million and 4 percent increase for the full year to hit $633 million. While the growth in revenues may not appear electric closer look indicates a growth of around 7 percent on a quarter over quarter basis for the last 4 quarters.
Administrative expenses rose from $48.5 million to $51.4 million in 2015 and finance cost declined form $10 million to $8.7 million.
Borrowings grew to $151.6 million while cash funds rose $64 million from $22 million in 2014. The balance sheet shows $59 million deposited to purchase equipment for the new tissue operation. Current assets stood at $335 million and current liabilities at $60 million. Equity capital grew to $377 million from $316 million.
AMG Packaging is in the business of manufacturing paper based boxes for the packaging and its shares are listed on the junior market of the Jamaica Stock Exchange and last traded at $4.80 with a gain of 82 percent for the year to date.
Jam$ falls again on Friday
Inflows of foreign currencies into the system on Friday increased sharply over that on Thursday but the Jamaican dollar continued to lose ground against the US and Canadian dollars and the Pound sterling. At the close of trading, the equivalent of US$44,956,234 was bought by dealers, compared with US$28,233,428 on Thursday, while they sold the equivalent of US$47,742,798 versus US$39,641,899 on the previous trading day.
In US dollar trading , dealers bought US$40,384,483 compared to US$25,490,364 on Thursday. The buying rate for the US dollar rose 14 cents to $119.32 and US$45,772,236 was sold versus US$37,287,671 on Thursday, the selling rate rose 9 cents to end at $119.83. 
The Canadian dollar buying rate climbed 52 cents to end at $89.15, with dealers buying C$1,678,847 and selling C$1,291,495, at an average rate that rose 6 cents to $90.58. The rate for buying the British Pound jumped $3.19 to $181.91 for the purchase of £2,019,573, while £579,503 was sold, at an average rate that climbed 71 cents to $182.58. At the end of trading, it took J$131.24 to purchase the Euro, a fall of $1.22 from Thursday’s rate, according to data from Bank of Jamaica, while dealers purchased the European common currency at J$128.66 for a gain of $1.11 from Thursday’s rate. The US dollar equivalent of other currencies traded, amounts to US$238,281 being bought, while US$111,375 was sold.
Highs & Lows| On Friday, the highest buying rate for the US dollar, was unchanged at $120, the lowest buying rate rose 8 cents to $98.36, the highest selling rate lost $1.66 to end at $124.28 and lowest selling rate dropped $2.23 to end at $98.37.
The highest buying rate for the Canadian dollar climbed 50 cents to $92, the lowest buying rate rose 4 cents to end at $72, the highest selling rate fell $1.10 to end at $93.20 and the lowest selling rate climbed 50 cents to $86.50. The highest buying rate for the British Pound, climbed $1.40 to end at $184.60. The lowest buying rate fell 42 cents to $146.66 the highest selling rate slipped $1.87 to $187.73 and the lowest selling rate remained unchanged at $177.
JSE gains over 35% for October
Sagicor Group HQ – its stock was market leader on Friday on the JSE
A total of 39 securities traded, leading to 13,797,226 units valued at $170,547,669 changing hands, in all market segments. A total of 10 securities 15 rose and 17 declined with 7 ended at 52 weeks’ closing highs and one at an intraday 52 weeks’ high.
The JSE Market Index shot up 621.25 points to 131,284.04, the all Jamaica Composite Index gained 694.29 points to end at 145,673.61. JSE combined index climbed 706.30, points to end at 135,783.04. All Three indices are at new closing highs.
IC bid-offer Indicator| At the end of trading, in the main and junior markets, the Investor’s Choice bid-offer indicator had a reading of 12 stocks with bids higher than their last selling prices and one with an offer that was lower.
In trading, Barita Investments ended at a 52 weeks’ closing high, of $2.75 as the price gained 19 cents while 3,000 shares were traded. Selling came in for Cable and Wireless on Friday. The stock closed with a loss of 20 cents, with 1,813,418 shares changing hands to end at $1.20. Trading in the stock was between $1.10 and $1.40 and it closed with a bid at $1.11, to buy 146,000 shares. On the offer were 830,752 shares at $1.20. By the close the number of offers increased dramatically and now total 32, ranging up to $3.10, for a total of 10,689,005 units with 10.68 million having a top offer of $1.80, the majority are at $1.50, or below. On the bid, between 80 cents and $1.11, are 4 million units. Caribbean Cement lost 27 cents to end at $17.73, with 67,416 shares changing hands. Unlike Thursday when the market closed with just two offers to sell 140,000 units at $24, at the close on Friday there were 11 offers on the board, between $17.89 up to $25 with more than 600,000 units. Bids are for over 230,000 units at $17.73, the next lot is at $16.80. Carreras ended with 1,001,700 shares trading at $53.05, a 52 weeks high, after gaining 5 cents. Desnoes & Geddes had 832,106 units changing hands, to close 15 cents lower at $30, Jamaica Broilers traded 93,884 shares to close at $8.88 as the price slipped 12 cents. Jamaica Stock Exchange closed with 20,000 shares trading to end at $11 and gained $1.25, for an all-time high, JMMB Group traded 184,433 shares to close at $9.51 after declining 29 cents. Kingston Wharves traded 10,500 units to close at $10, Mayberry Investment lost 10 cents to end at $4, by trading 918,658 shares. 
National Commercial Bank with 112,524 shares changing hands, closed 50 down at $32.50, Pan Jamaican traded 6,888 shares to end 12 cents higher, at $80.12, Sagicor Group fell 85 cents with 3,120,466 shares trading, to close at $14.66, for a rise of 51 cents. Sagicor Real Estate Fund traded 262,107 units, the price closed unchanged at $11, Scotia Group ended with 8,000 shares changing hands and closed at $26.17, after falling by 81 cents. Scotia Investments gained 50 cents to close at $27.50 as 50,000 units traded, and Proven Investments ordinary share, closed with a rise of 1.9 US cents, with 445,000 units traded, to end at 23.9 US cents.
Junior at new record close on Friday
Consolidated Bakeries with their Purity brand closed at a new 52 weeks’ high on Friday
The market ended with 2 stocks closing at a 52 weeks’ high while 3 securities ended with no bids to buy and 7 had no stocks being offered for sale. A total of 7 stocks closed with bids higher than the last traded prices and none closed with a lower offer.
In trading, AMG Packaging closed at $4.80 with 11,653 units changing hands, the company reported big increase in profits after trading closed, with earnings for the full year to August of 78 cents per share, up from 45 cents in 2014. Blue Power had 12,850 shares changing hands at $13, Caribbean Cream with 733,032 shares changing hands ended at $3.40, Caribbean Flavours gained 6 cents while trading 68,950 units at $4.06, Caribbean Producers traded 51,000 units for a loss of 9 cents to end at $3.01. Consolidated Bakeries traded 417,000 shares, to end at $2 with a gain of 10 cents, for a 52 weeks’ high. Derrimon Trading had 71,260 units trading at $2.80 at the close with a loss of 20 cents, Dolphin Cove recovered from the big loss on Wednesday, to end at $13, with a gain of $1.40 on Friday, as 130,300 units changed hands.
General Accident ended with 65,155 shares changing hands at $1.70 after falling 20 cents, Knutsford Express traded 778 shares at $6.50. Lasco Distributors with 924,890 shares changing hands and closed with a loss of 30 cents to $3.10. Lasco Financial closed with a 15 cents decline at $2.40 after trading earlier at $2.60. A total of 597,056 shares changed hands, Lasco Manufacturing traded 804,759 shares to end with an increase of 3 cents to $3.43, Medical Disposables ended with 331,133 units changing hands to end with a gain of 50 cents to a new all-time high of $3 and Derrimon Trading 11.75% preference share had just 3,000 units changing hands at $2.20.
2 new highs on TTSE
Unilever products – the company’s stock closed at a 52 weeks’ high on Friday
At the close the Composite Index ending with a gain of 0.98 points at 1,148.91 the All T&T Index advanced by 0.63 points to 1,951.60 and the Cross Listed Index rose 0.18 points to 45.42.
IC bid-offer Indicator| At the end of trading the Investor’s Choice bid-offer indicator had 6 stocks with the bid higher than the last selling price and 3 stocks with offers that were lower.
Gains| JMMB Group had 204,328 units trading higher by 4 cents to close at 47 cents, Trinidad Cement closed 9 cents higher at a 52 weeks’ high of $3.50 with 11,960 shares changing hands and Unilever Caribbean ended with 100 shares trading 11 cents up, for a new 52 weeks’ high of $67.40..
Declines| National Flour Mills with 450,250 shares changing hands for a value of $887,000, fell 4 cents in closing at $1.96 and Trinidad and Tobago NGL slipped 2 cents in trading to close at $22.96 with 4,425 units. The bid on the stock closed at $22.76 to buy 467 shares with 51,517 units on offer at $22.96.
Firm Trades| Angostura Holdings with 8,149 shares changing hands, closed at $14, Clico Investment Fund closed with 8,900 shares changing hands to end trading at $22.51,
First Citizens Bank traded 3,029 shares and closed at $35, Flavorite Foods traded 100 units at $4.80, Grace Kennedy had 46,284 units changing hands at $3.60. Guardian Holdings closed with 1,530 shares changing hands at $12.80, National Enterprises with 295 shares changing hands, closed at $16.50, One Caribbean Media traded 4,705 units at $22, Praetorian Property Mutual Fund contributed 2,000 shares at $3.06, Republic Bank traded 142 shares valued at $ 1,112,832 and closed at $112. Sagicor Financial Corporation closed with 1,500 shares changing hands at $5.75 and Scotia Investments traded 50,552 shares and closed at $1.61.
C&W falls to $1.17 in morning session
Cable and Wireless fell to $1.17 in early trading on Friday with 1,026,780 units between $1.17 and $1.40 to record the last traded at $1.17. The stocks now has bid of $1.02 to buy 1,195,115 shares on the offer is 25,300 units at $1.16. The next closest offer is at $1.38 with 913,000 shares.
Trading resulted in 28 securities changing hands with a volume of 4,089,472 units as 8 stocks gained and 12 declined and a number of new all-time highs were reached with the Jamaica Stock Exchange, Medical Disposables, Sagicor Real Estate Fund and all hitting new highs and Mayberry Investment at a new 52 weeks’ high. The other main trades 
Caribbean Cream with 556,000 shares changing hands at $3.40, Lasco Distributors with 329,102 shares changing hands at $3.25, Medical Disposables saw a jump in price to $3 with 331,133 shares changing hands and Proven Investments with 445,000 units at 23.9 US cents. At a minute after 11am Barita Investments crossed 3 million units of Sagicor Group at $14.75.
The Jamaica stock market after 90 minutes of trading, recorded mixed results in the indices. The All Jamaican Composite index jumped slipped 71.14 points to 144,908.18 JSE Market Index fell 63.66 points to 130,599.13 the JSE combined index rose 73.57 points to be at 135,150.31 and the junior market index rose 14.97 points to its highest level of 1,326.51.
Jam $ lost value vs all on Thursday
The local currency lost value against the US and Canadian dollars and the Pound sterling on Thursday. At the close of trading, the equivalent of US$28,233,428 was bought by dealers, compared with US$34,040,455 on Wednesday, while they sold the equivalent of US$39,641,899 versus US$41,709,262 on the previous trading day.
In US dollar trading , dealers bought US$25,490,364 compared to US$31,509,182 on Wednesday. The buying rate for the US dollar rose 12 cents to $119.18 and US$37,287,671 was sold versus US$40,398,527 on Wednesday, the selling rate rose 3 cents to end at $119.74. 
The Canadian dollar buying rate climbed $1.31 to end at $88.63, with dealers buying C$1,190,009 and selling C$846,313, at an average rate that rose 88 cents to $90.52. The rate for buying the British Pound fell $1.98 to $178.72 for the purchase of £1,183,506, while £564,981 was sold, at an average rate that climbed 15 cents to $181.87. At the end of trading, it took J$132.46 to purchase the Euro, a rise of 26 cents from Wednesday’s rate, according to data from Bank of Jamaica, while dealers purchased the European common currency at J$129.77 for a gain of 8 cents from Wednesday’s rate. The US dollar equivalent of other currencies traded, amounts to US$83,263 being bought, while US$856,306 was sold.
Highs & Lows| On Thursday, the highest buying rate for the US dollar, rose 10 cents to $120, the lowest buying and the highest selling rates remained unchanged at $98.28 and $125.94 respectively and lowest selling rate rose 
$2.32 to end at $100.60. The highest buying rate for the Canadian dollar climbed 40 cents to $91.50, the lowest buying rate remained at $71.96, the highest selling rate fell 9 cents to end at $94.30 and the lowest selling rate climbed $2 to $86. The highest buying rate for the British Pound, slipped 15 cents to end at $183.20. The lowest buying rate fell 41 cents to $147.08, the highest selling rate gained $2.13 to $189.60 and the lowest selling rate rose $2 to end at $177.
