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Caribbean Cream fiscal Q1 profit climbs 70.0% YOY

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Caribbean Cream fiscal Q1 profit climbs 70.0% YOY

Caribbean Cream Ltd. said its normalized net income for the fiscal first quarter ended May 31 was 3 Jamaican cents per share, an increase of 26.4% from 2 cents per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was J$10.3 million, an increase of 70.0% from J$6.1 million in the prior-year period.

The normalized profit margin rose to 4.1% from 2.9% in the year-earlier period.

Total revenue increased 19.4% on an annual basis to J$251.5 million from J$210.6 million, and total operating expenses increased 16.3% year over year to J$229.3 million from J$197.2 million.

Reported net income grew 79.4% on an annual basis to J$16.5 million, or 4 cents per share, from J$9.2 million, or 3 cents per share.

As of July 11, US$1 was equivalent to J$112.75.