Third-quarter revenue at the Jamaica Broilers Group (JBG) grew by double-digits but costs contained profits to single-digit growth.
Earnings per share totalled 73 cents for the quarter ending January 2019 versus $61 cents a year earlier.
The group made revenues for the quarter of $14.6 billion, a 15 per cent increase over the $12.7 billion achieved a year earlier while profit to shareholders grew to $755 million for the quarter or 3.4 per cent over the period.
Higher finance costs at $257 million grew 55 per cent year on year while administrative expenses grew to $2.26 billion or 20 per cent over the period.
The group, which continues to invest in growing its base in the United States and the Caribbean, explained that costs were primarily higher due to exchange rate movements, salary increases, increased staff complement and distribution costs related to the recent acquisition of a feed mill.
The group, however, continues to manage its costs as profit growth over the third quarter at 3.4 per cent was higher than that for the nine-month period at 1.4 per cent.
“This improvement was attributed to increased poultry sales and enhanced inventory management,” JBG stated in its financials.
REASON FOR IMPROVEMENT
Specifically, over the nine months to January 2019 the group made profit of $1.38 billion when compared with $1.36 billion a year earlier. Also revenues totalled $40.3 billion over the nine months when compared with $35.7 billion, a year earlier.
