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Jamaican Teas fiscal Q1 profit climbs 29.2% YOY

Jamaican Teas Ltd. said its normalized net income for the fiscal first quarter ended Dec. 31, 2014, came to 3 Jamaican cents per share, an increase of 29.0% from 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$17.2 million, a gain of 29.2% from J$13.3 million in the year-earlier period.

The normalized profit margin increased to 5.4% from 4.8% in the year-earlier period.

Total revenue climbed 15.9% year over year to J$318.7 million from J$274.9 million, and total operating expenses grew 14.9% year over year to J$289.4 million from J$251.9 million.

Reported net income grew 27.7% on an annual basis to J$27.5 million, or 4 cents per share, from J$21.6 million, or 3 cents per share.

As of Feb. 13, US$1 was equivalent to J$115.50.