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Derrimon Trading swings to profit in Q2

Derrimon Trading Company Ltd said its normalized net income for the second quarter came to 7 Jamaican cents per share, compared with a loss of 3 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was J$19.2 million, compared with a loss of J$5.9 million in the year-earlier period.

The normalized profit margin increased to 1.2% from negative 0.4% in the year-earlier period.

Total revenue climbed 18.5% on an annual basis to J$1.58 billion from J$1.34 billion, and total operating expenses rose 16.2% year over year to J$1.54 billion from J$1.33 billion.

Reported net income totaled J$30.7 million, or 11 cents per share, compared to a loss of J$9.5 million, or a loss of 5 cents per share, in the year-earlier period.

As of Aug. 7, US$1 was equivalent to J$116.96.