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Jamaica Broilers fiscal Q2 profit falls YOY

Jamaica Broilers Group Ltd. said its normalized net income for the fiscal second quarter ended Nov. 1 amounted to 8 Jamaican cents per share, a decrease of 27.0% from 11 cents per share in the second quarter ended Oct. 26, 2013.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was J$94.2 million, a decrease of 27.0% from J$129.1 million in the second quarter ended Oct. 26, 2013.

The normalized profit margin declined to 1.1% from 1.7% in the year-earlier period.

Total revenue rose 16.0% year over year to J$8.68 billion from J$7.48 billion, and total operating expenses increased 16.0% year over year to J$8.36 billion from J$7.21 billion.

Reported net income declined 44.1% year over year to J$102.6 million, or 9 cents per share, from J$183.6 million, or 15 cents per share.

As of Dec. 15, US$1 was equivalent to J$113.94.