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Jamaica Producers fiscal Q1 profit climbs YOY

Jamaica Producers Group Ltd said its normalized net income for the fiscal first quarter ended March 28 was 5 Jamaican cents per share, a gain from 2 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$56.1 million, an increase from J$16.9 million in the prior-year period.

The normalized profit margin rose to 2.8% from 0.9% in the year-earlier period.

Total revenue rose on an annual basis to J$2.03 billion from J$1.96 billion, and total operating expenses increased from the prior-year period to J$2.02 billion from J$1.98 billion.

Reported net income increased on an annual basis to J$175.2 million, or 17 cents per share, from J$34.2 million, or 3 cents per share.

As of May 12, US$1 was equivalent to J$115.61.