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Carreras fiscal Q1 profit climbs 14.8% YOY

Carreras Ltd. said its normalized net income for the fiscal first quarter ended June 30 came to 10 Jamaican cents per share, an increase of 14.8% from 9 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$490.3 million, a gain of 14.8% from J$427.1 million in the year-earlier period.

The normalized profit margin declined to 18.0% from 19.8% in the year-earlier period.

Total revenue increased 20.2% year over year to J$2.59 billion from J$2.15 billion, and total operating expenses increased 21.0% on an annual basis to J$1.87 billion from J$1.55 billion.

Reported net income increased 21.3% on an annual basis to J$588.9 million, or 12 cents per share, from J$485.4 million, or 10 cents per share.

As of Aug. 11, US$1 was equivalent to J$112.55.