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Salada Foods Jamaica fiscal Q4 profit falls YOY

Salada Foods Jamaica Ltd. said its normalized net income for the fiscal fourth quarter ended Sept. 30 came to 7 Jamaican cents per share, a decline of 83.6% from 40 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$6.5 million, a decrease of 84.5% from J$42.0 million in the year-earlier period.

The normalized profit margin declined to 4.3% from 14.2% in the year-earlier period.

Total revenue decreased 48.5% year over year to J$152.8 million from J$296.7 million, and total operating expenses fell 34.7% on an annual basis to J$158.4 million from J$242.6 million.

Reported net income fell 63.8% on an annual basis to J$19.3 million, or 19 cents per share, from J$53.3 million, or 51 cents per share.

For the year, the company's normalized net income totaled 23 cents per share, a decrease of 72.7% from 85 cents per share in the prior year.

Normalized net income was J$24.2 million, a fall of 72.7% from J$88.7 million in the prior year.

Full-year total revenue decreased 10.3% on an annual basis to J$660.4 million from J$736.4 million, and total operating expenses increased year over year to J$646.2 million from J$618.9 million.

The company said reported net income decreased 60.6% year over year to J$41.4 million, or 40 cents per share, in the full year, from J$105.1 million, or J$1.01 per share.

As of Nov. 26, US$1 was equivalent to J$119.58.