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Derrimon Trading Q4 profit falls YOY

Derrimon Trading Company Ltd said its fourth-quarter normalized net income came to 4 Jamaican cents per share, a decline of 38.8% from 7 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$11.4 million, a decrease of 49.2% from J$22.5 million in the year-earlier period.

The normalized profit margin dropped to 0.7% from 1.6% in the year-earlier period.

Total revenue increased 19.6% year over year to J$1.69 billion from J$1.41 billion, and total operating expenses grew 19.1% from the prior-year period to J$1.66 billion from J$1.39 billion.

Reported net income decreased 55.7% from the prior-year period to J$19.4 million, or 7 cents per share, from J$43.9 million, or 14 cents per share.

For the year, the company's normalized net income totaled 20 cents per share, an increase of 99.2% from 10 cents per share in the prior year.

Normalized net income was J$54.3 million, a rise of 99.2% from J$27.3 million in the prior year.

Full-year total revenue increased 12.2% year over year to J$6.29 billion from J$5.61 billion, and total operating expenses rose 11.3% on an annual basis to J$6.16 billion from J$5.53 billion.

The company said reported net income grew 70.8% year over year to J$88.1 million, or 32 cents per share, in the full year, from J$51.6 million, or 19 cents per share.

As of March 1, US$1 was equivalent to J$121.21.