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Sweet River swings to loss in fiscal Q3

Sweet River Abattoir & Supplies Co. Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2015, came to a loss of 1 Jamaican cents per share, compared with 1 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 a loss of J$1.3 million, compared with income of J$561,390 in the year-earlier period.

The normalized profit margin fell to negative 1.5% from 1.6% in the year-earlier period.

Total revenue climbed year over year to J$89.2 million from J$34.6 million, and total operating expenses grew on an annual basis to J$90.6 million from J$33.7 million.

Reported net income came to a loss of J$2.1 million, or a loss of 2 cents per share, compared to income of J$898,230, or 2 cents per share, in the year-earlier period.

As of Feb. 15, US$1 was equivalent to J$121.56.