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Salada Foods Jamaica fiscal Q1 profit falls YOY

Salada Foods Jamaica Ltd. said its normalized net income for the fiscal first quarter ended Dec. 31, 2014, was 1 Jamaican cents per share, a decline of 91.3% from 17 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$1.5 million, a decrease of 91.3% from J$17.8 million in the year-earlier period.

The normalized profit margin dropped to 1.1% from 13.9% in the year-earlier period.

Total revenue grew 5.3% year over year to J$134.2 million from J$127.4 million, and total operating expenses increased 32.4% year over year to J$136.6 million from J$103.1 million.

Reported net income decreased 92.7% year over year to J$1.5 million, or 1 cents per share, from J$20.0 million, or 19 cents per share.

As of Feb. 12, US$1 was equivalent to J$115.56.