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Sweet River swings to profit in fiscal Q1

Sweet River Abattoir & Supplies Co. Ltd. said its normalized net income for the fiscal first quarter ended June 30 was 2 Jamaican cents per share, compared with a loss of 2 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$1.2 million, compared with a loss of J$863,000 in the year-earlier period.

The normalized profit margin climbed to 5.0% from negative 2.0% in the year-earlier period.

Total revenue fell 44.3% on an annual basis to J$23.6 million from J$42.4 million, and total operating expenses declined 51.2% from the prior-year period to J$21.2 million from J$43.5 million.

Reported net income totaled J$1.9 million, or 3 cents per share, compared to a loss of J$1.4 million, or a loss of 3 cents per share, in the year-earlier period.

As of Aug. 17, US$1 was equivalent to J$117.14.