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Jamaican Teas swings to profit in fiscal Q4

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Jamaican Teas swings to profit in fiscal Q4

Jamaican Teas Ltd. said its normalized net income for the fiscal fourth quarter ended Sept. 30, 2015, was J$4.7 million, compared with a loss of J$4.9 million in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin climbed to 1.3% from negative 1.6% in the year-earlier period.

Total revenue grew 28.9% year over year to J$397.9 million from J$308.8 million, and total operating expenses rose 19.3% from the prior-year period to J$369.0 million from J$309.3 million.

Reported net income came to J$1.7 million, or 0 cents per share, compared to a loss of J$9.2 million, or a loss of 1 cents per share, in the year-earlier period.

For the year, the company's normalized net income totaled 7 cents per share, an increase of 52.1% from 5 cents per share in the prior year.

Normalized net income was J$49.9 million, a rise of 52.1% from J$32.8 million in the prior year.

Full-year total revenue rose 16.7% year over year to J$1.33 billion from J$1.14 billion, and total operating expenses rose 14.1% year over year to J$1.23 billion from J$1.07 billion.

The company said reported net income rose 35.9% on an annual basis to J$71.7 million, or 11 cents per share, in the full year, from J$52.7 million, or 8 cents per share.

As of Feb. 12, US$1 was equivalent to J$121.20.