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Blue Power Group fiscal Q1 profit falls YOY

Blue Power Group Ltd. said its normalized net income for the fiscal first quarter ended July 31 came to 32 Jamaican cents per share, a decrease from 33 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$17.9 million, a decline from J$18.7 million in the year-earlier period.

The normalized profit margin fell to 6.5% from 7.6% in the year-earlier period.

Total revenue increased 13.1% on an annual basis to J$277.9 million from J$245.7 million, and total operating expenses grew 15.1% year over year to J$252.2 million from J$219.2 million.

Reported net income declined on an annual basis to J$28.7 million, or 51 cents per share, from J$30.0 million, or 53 cents per share.

As of Aug. 28, US$1 was equivalent to J$112.55.