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Caribbean Cream fiscal Q4 profit climbs YOY

Caribbean Cream Ltd. said its normalized net income for the fiscal fourth quarter ended Feb. 28 was 4 Jamaican cents per share, a gain from 1 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$16.1 million, a gain from J$4.4 million in the year-earlier period.

The normalized profit margin increased to 5.9% from 1.8% in the year-earlier period.

Total revenue climbed 10.4% on an annual basis to J$271.5 million from J$246.0 million, and total operating expenses totaled J$235.2 million, compared with J$234.9 million in the year-earlier period.

Reported net income rose on an annual basis to J$25.7 million, or 7 cents per share, from J$6.3 million, or 2 cents per share.

For the year, the company's normalized net income totaled 9 cents per share, a gain of 52.1% from 6 cents per share in the prior year.

Normalized net income was J$35.5 million, a gain of 58.7% from J$22.4 million in the prior year.

Full-year total revenue rose 18.4% from the prior-year period to J$1.01 billion from J$855.6 million, and total operating expenses grew 15.9% on an annual basis to J$929.1 million from J$801.4 million.

The company said reported net income grew 61.8% on an annual basis to J$56.8 million, or 15 cents per share, in the full year, from J$35.1 million, or 10 cents per share.

As of May 28, US$1 was equivalent to J$115.86.