Wigton profit climbs 30%

Profit at Wigton Windfarm jumped 29.5 percent after-tax to $664 million or 6 cents per share for the March 2020 financial year, up from $513 million or four cents per share in 2019.

Wigton closed at anew high of $1

Wigton posted a profit of $66am for the twelve months to March 2020

Sales of power generated, to Jamaica Public Service Company, declined slightly to $2.417 billion from $2.448 billion in 2019. Gross operating cost slipped from $740 million with depreciation cost of $670 million in 2019 to $764 million that includes depreciation of $665 million and resulted in gross profit of $1.65 billion in 2020 from $1.7 billion in 2019.
Other income, including $456 million in foreign gains in 2019, dipped to $221 million from $503 million in 2019 while finance cost dropped to $527 million from $1.05 billion due mainly to foreign exchange loss incurred in the 2019 period amounting to $662 million and none in the 2020 fiscal year. Administrative cost moved slightly higher in 2020 to $479 million from $434 million in 2019.
Gross cash inflows amounted to $1.55 billion and helped push cash and bank balances to $2.7 billion. Current assets ended the year at $3 billion and current liabilities at just $847 million. Loan funding stood at $6.3 billion, with $730 million due for repayment by March next year. Shareholders’ equity stands at $3.5 billion, comprising issued shares of 11 billion units.
The stock closed trading on the Main Market of the Jamaica Stock Exchange at 78 cents for a PE ratio of 13 times earnings. Going forward into the 2021 fiscal year, there is uncertainty as to the outturn for profit, with earnings remaining around the six cents per share the most likely outcome.

About IC Insider.com