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Caribbean Flavours fiscal Q1 profit falls YOY

Caribbean Flavours & Fragrances Ltd. said its normalized net income for the fiscal first quarter ended Sept. 30 was 9 Jamaican cents per share, a decline of 94.5% from J$1.59 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was J$8.4 million, a decrease of 6.2% from J$9.0 million in the prior-year period.

The normalized profit margin fell to 10.7% from 14.5% in the year-earlier period.

Total revenue rose year over year to J$63.3 million from J$62.0 million, and total operating expenses increased 6.6% from the prior-year period to J$51.4 million from J$48.2 million.

Reported net income decreased 6.2% from the prior-year period to J$13.5 million, or 14 cents per share, from J$14.3 million, or J$2.55 per share.

As of Nov. 14, US$1 was equivalent to J$112.85.