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Seprod Q2 profit climbs 95.8% YOY

Seprod Ltd said its normalized net income for the second quarter amounted to 90 Jamaican cents per share, a gain of 95.8% from 46 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$465.7 million, a gain of 95.8% from J$237.9 million in the prior-year period.

The normalized profit margin rose to 11.9% from 6.0% in the year-earlier period.

Total revenue came to J$3.92 billion, compared with J$3.95 billion in the prior-year period, and total operating expenses totaled J$3.68 billion, compared with J$3.68 billion in the prior-year period.

Reported net income rose on an annual basis to J$632.0 million, or J$1.22 per share, from J$283.4 million, or 55 cents per share.

As of Aug. 9, US$1 was equivalent to J$126.80.