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Supreme Ventures Q2 profit climbs YOY

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Supreme Ventures Q2 profit climbs YOY

Supreme Ventures Ltd. said its second-quarter normalized net income amounted to 11 Jamaican cents per share, an increase from 3 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$287.5 million, an increase from J$78.5 million in the prior-year period.

The normalized profit margin rose to 2.8% from 0.8% in the year-earlier period.

Total revenue rose 4.9% on an annual basis to J$10.40 billion from J$9.91 billion, and total operating expenses climbed from the prior-year period to J$9.97 billion from J$9.81 billion.

Reported net income grew year over year to J$299.9 million, or 11 cents per share, from J$94.8 million, or 4 cents per share.

As of Aug. 11, US$1 was equivalent to J$117.10.