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Seprod Q3 profit climbs YOY

Seprod Ltd said its normalized net income for the third quarter amounted to 39 Jamaican cents per share, an increase from 15 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$201.5 million, a gain from J$75.4 million in the prior-year period.

The normalized profit margin rose to 5.8% from 2.4% in the year-earlier period.

Total revenue climbed 10.4% on an annual basis to J$3.50 billion from J$3.17 billion, and total operating expenses increased 6.2% from the prior-year period to J$3.43 billion from J$3.22 billion.

Reported net income increased year over year to J$185.6 million, or 36 cents per share, from J$26.5 million, or 5 cents per share.

As of Nov. 8, US$1 was equivalent to J$129.05.