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Jamaica Producers Q4 profit climbs YOY

Jamaica Producers Group Ltd said its normalized net income for the fourth quarter amounted to 21 Jamaican cents per share, an increase from 5 cents 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$214.1 million, an increase from J$49.0 million in the year-earlier period.

The normalized profit margin rose to 8.4% from 2.1% in the year-earlier period.

Total revenue increased 7.8% on an annual basis to J$2.56 billion from J$2.37 billion, and total operating expenses climbed 7.5% on an annual basis to J$2.54 billion from J$2.36 billion.

Reported net income fell 90.2% on an annual basis to J$12.0 million, or 1 cents per share, from J$122.2 million, or 12 cents per share.

For the year, the company's normalized net income totaled 50 cents per share, a gain from 18 cents per share in the prior year.

Normalized net income was J$514.8 million, a gain from J$185.3 million in the prior year.

Full-year total revenue fell on an annual basis to J$8.71 billion from J$8.82 billion, and total operating expenses decreased year over year to J$8.69 billion from J$8.81 billion.

The company said reported net income increased on an annual basis to J$792.3 million, or 77 cents per share, in the full year, from J$358.2 million, or 35 cents per share.

As of March 1, US$1 was equivalent to J$121.21.