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GraceKennedy full-year profit falls YOY

GraceKennedy Ltd. said its normalized net income for the full year came to J$2.17 per share, a decline of 7.1% from J$2.34 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$2.16 billion, a decline of 7.4% from J$2.33 billion in the prior-year period.

The normalized profit margin fell to 2.7% from 3.3% in the year-earlier period.

Total revenue rose 12.6% on an annual basis to J$79.74 billion from J$70.84 billion, and total operating expenses rose 13.6% from the prior-year period to J$76.33 billion from J$67.18 billion.

Reported net income declined 17.9% year over year to J$2.54 billion, or J$2.55 per share, from J$3.09 billion, or J$3.10 per share.

As of Feb. 29, US$1 was equivalent to J$121.47.