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Caribbean Flavours fiscal Q1 profit climbs 88.1% YOY

Caribbean Flavours & Fragrances Ltd. said its normalized net income for the fiscal first quarter ended Sept. 30 was 14 Jamaican cents per share, an increase of 91.7% from 8 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$12.7 million, an increase of 88.1% from J$6.8 million in the year-earlier period.

The normalized profit margin rose to 14.6% from 10.7% in the year-earlier period.

Total revenue rose 38.1% year over year to J$87.5 million from J$63.3 million, and total operating expenses grew 27.6% year over year to J$69.0 million from J$54.1 million.

Reported net income increased 88.1% on an annual basis to J$20.4 million, or 23 cents per share, from J$10.8 million, or 12 cents per share.

As of Oct. 30, US$1 was equivalent to J$119.50.