The Directors of Jamaica Broilers Group Limited now release the unaudited financial results for the quarter ended July 28, 2018, which have been prepared in accordance with International Financial Reporting Standards (IFRS).
Group revenues for the first quarter amounted to $12.2 billion, a 6% increase over the $11.5 billion achieved in the corresponding quarter of the previous year. Our gross profit for the quarter was $3.2 billion, a 19% increase over the previous year.
Jamaica Operations reported a strong first quarter segment result of $842 million, which was $392 million or 87% above last year’s segment result of $449 million. This increase was attributed to improved gross margins resulting from increased production and improved inventory management. Total revenue for our Jamaica Operations showed an increase of 5%.
Our US Operations reported a segment result of $300 million, which was a 6% decrease from the prior year’s result of $318 million. This decrease was primarily attributable to one-off staff cost elements and acquisition costs related to the recent feed mill purchase; these cost elements are not expected to recur. Total revenue for this segment increased by 8% over the prior year driven by increased sales of our main products – fertile eggs and baby chicks.
Haiti Operations has increased their market share of table eggs to 34%, compared to 30% of the market at the end of the first quarter last year. The segment result for the first quarter amounted to $60 million, which is $15 million or 32% above last year’s segment result of $45 million. Total revenue increased by 13%.
The Other Caribbean Operations reported first quarter segment results of $847 million an increase of $772 million over the corresponding quarter of the previous year. The significant increase is mainly due to the net results of the JBGL Stockholders Nominee Limited, driven by the unrealised fair value gains of the shares held.
Distribution and administrative costs, reflected an increase of 17% over the previous year due primarily to salary increases and exchange movements. These first quarter results also include the costs of operating the new hatchery in Pennsylvania, these costs were not in last year’s results. Additionally, the costs related to the formation of the Shareholders’ Trust are recorded during the quarter ended July 28, 2018.
Financing costs for the Group, inclusive of foreign exchange movements, showed an increase of $173 million.
We recorded profits attributable to stockholders of $399 million (102% increase over the corresponding quarter of prior year) or 38.58 cents per stock unit (134% increase over the corresponding quarter of prior year).
The Staff, Management and the Board of Directors of Jamaica Broilers Group Limited continue to trust in the Lord’s guidance for our company and are grateful for His Blessings and Provision.