Revenue down at Kingston Wharves profit up

KingstonWharves280x150Revenues declined in the two quarters to June at Kingston Wharves by 19 percent, in the first quarter and 9 percent in the second, for an overall decline of 14 percent for the half year.
Revenues came in at $994 million for the June quarter, compared with $1.1 billion in 2013 and for the six months, $1.94 billion versus $2.26 billion. Decline was seen in both the regular revenue stream as well as for other operating income. “The reduced revenue was significantly influenced by the loss of business from a main shipping line and the overall decline in economic conditions” Grantley Stephenson Chairman and CEO, said.
Gross profit declined by 13.5 percent for the half year, better than the decline in revenues and 10 percent for the quarter, almost in line with the fall in revenue. Kingston Wharves picked up foreign exchange losses of $131 million in 2013 but only $68 million in 2014.
Administrative cost were down but at a slower pace than revenues at 11 percent for the half year and 8.5 percent for the quarter. Reduction in taxation provision from $85 million in the June quarter of 2013 to only $5 million in 2014 prevented profit after tax from falling below the $175 million earned in 2013 as well as the six months which ended at $353 million compared to $322 million excluding amounts due to minority shareholders. For the June 2014 quarter, Kinston Wharves made profit after tax and minority interest of $219 million. For the six months earnings per share is 25 cents. Return on equity is working out at 6 percent per annum, not great, but the funds acquired for investment in the port expansion and modernization is yet to be fully deployed, to generate profits and so improve the level of return.
Finances| The company boast equity of $13 billion, with loans amounting to $1.8 billion, cash and investments of $2.6 billion at the end of June. Net asset per share is $10 while the stock price is at $5 but there is need for strong growth in profit to help bridge the gap, this may have to await the completion of the expansion of the facility.
The real attraction here for investors, is the planned expansion of its facilities to take advantage of the Panama Canal expansion and the added traffic that is expected to flow form it.

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  1. […] high of $1.48, Grace Kennedy gained 50 cents to reach $64 while 132,737 shares changed hands. Kingston Wharves traded just 1,000 shares and shed 55 cents in closing at $6.60, National Commercial Bank in trading […]

  2. […] 11,506 shares changing hands and jumped $50 cents at $10,the stock closed with an offer at $9.49, Kingston Wharves had dealing in 34,221 units traded at 6 cents up to $6.26. Mayberry Investments contributed 93,828 […]

  3. […] Group closed with 66,855 shares trading at a new 52 weeks’ high of $9.55 after gaining 5 cents, Kingston Wharves had 49,000 units trading to end 10 cents higher at $6.12, National Commercial Bank closed $1.01 […]

  4. […] at $5.50. Jamaica Money Market Brokers closed with 2,597 ordinary shares changing hands, at $7.10, Kingston Wharves saw trading in 8,301 shares, to close at $6.40 and Supreme Ventures closed with 1,550 shares at […]

  5. […] 5 cents to 48 cents, Carreras finished with 6,935 units trading as the price slipped $1.50 to $43, Kingston Wharves ended trading with 24,298 shares trading lower by 5 cents to $5.55, National Commercial Bank closing […]

  6. […] Wednesday with Sagicor Real Estate Fund closing with 2,500 shares trading, 11 cents up to $6.85 and Kingston Wharves ending with 3,300 units trading 40 cents higher to $6. Firm| The stocks in the main market to close […]

  7. […] in the last traded prices are, Cable & Wireless in exchanging 271,167 units ended at 50 cents. Kingston Wharves finished with 29,708 units trading to end at $6, Mayberry Investments closed at $2 with 15,772 units […]

  8. […] at $4.01, Jamaica Money Market Brokers completed trading with 21,446 ordinary shares at $7.10. Kingston Wharves ended trading with 450 shares changing hands to close at $6, Supreme Ventures finished trading with […]

  9. […] $12.25. Firm| The stock in the main market to close without a change in the last traded price is, Kingston Wharves which ended trading with 34,333 shares changing hands to close at $6. Declines| The last traded […]

  10. […] 2 cents to 52 cents, Carreras ended trading with 411,367 shares trading, $1.45 higher to $37, Kingston Wharves closed with 50,000 shares traded, while gaining 59 cents to $6. National Commercial Bank finished […]

  11. […] shares, closed 50 down at $7, Jamaica Stock Exchange with 592 units, lost 5 cents to end at $1.84, Kingston Wharves traded 98,465 units with a fall of $1.40 to close at $5.10 and Salada Foods with only 6,100 shares, […]

  12. […] end of June, the group had debt close to $1.2 billion, that should rise with the acquisition of the Kingston Wharves share purchase, as it was partially funded by borrowed money. Equity stood at $5.9 billion and they […]

  13. […] Kingston Wharves $3 billion trade was the dominated activity on the Jamaica Stock Exchange, in Wednesday’s trading. 466 million units of the stock was sold to Jamaica Producers and an overseas entity in the shipping industry. National Commercial Bank was the main seller. The stock traded at $6.50 up from $5.01 on Tuesday but it had a bid of $5.75 which allowed the trade to take place at 29.75 percent above the closing price on Tuesday. Trading activity resulted in the prices of 10 stocks rising and 5 declining as only 20 securities changed hands, resulting in 470,310,461 units trading, valued at $3,066,292,531, in all the market segments. Main Market| The JSE Market Index gained 631.80 points to 72,064.01 and the JSE All Jamaican Composite index rose 706.45 points to close at 79,288.84. Junior Market| The enjoyed trading in 324,780 units valued at JSE $353,366. The Junior Market Index fell 2.40 points to close at 649.56 as just 5 stocks traded with 2 advancing and 2 declining. […]

  14. […] offer to the minority shareholders. In 2012,Jamaica Producers had increased their holdings in Kingston Wharves when they bought Three Hundred and Fifty Seven Million Five Hundred and Fifty Thousand (357,550,000) […]

  15. […] are, Jamaica Money Market Brokers with 55,402 units changing hands, and gained 5 cents to $7, Kingston Wharves put through 40,914 shares at 1 cents more, to $5.01, Sagicor Real Estate Fund with 24,880 units, […]

  16. […] in the main market, are, Hardware & Lumber with 600 shares, lost 51 cents to end at $6.50, Kingston Wharves with 57,191 units closed 2 cents less at $5, Radio Jamaica had 10,292 units changing hands, for the […]

  17. […] main market are, Desnoes & Geddes with 115,228 shares, while losing 15 cents to end at $4.50, Kingston Wharves 3,500 shares was traded at 48 cents lower, to end at $5.02, Mayberry Investments with 4,080 units […]

  18. […] are, Grace Kennedy with 4,910 shares, closing at $61, Jamaica Broilers 800 shares trading at $4.70, Kingston Wharves had only 100 units being active at $5.02, National Commercial Bank put through 27,612 shares at $18 […]

  19. […] 200 shares closed at $34.80, Jamaica Money Market Brokers traded 120,937 ordinary shares at $7 and Kingston Wharves with 10,000 units, ended at $5.02. Declines| The volume and last traded prices of stocks with […]

  20. […] to end at $7, Jamaica Producers with 142,996 units changing hands, closed $1.39 higher at $16.99, Kingston Wharves had 178,451 units, trading 25 cents higher at $5.27, Mayberry Investments 9,690 shares went through […]