Mon | Aug 21, 2017

Berger Paints doubles profit in festive quarter

Published:Sunday | January 22, 2017 | 1:00 AM

Berger Paints Jamaica posted one of its strongest-ever quarterly results, due to a favourable Christmas season that doubled its profit.

Earning per share for the December quarter totalled 86 cents, compared with 37 cents a year earlier. Over nine months, the company reported earnings of $1.17 per share compared with 51 cents per share the year before.

"This was a result of novel sales, and marketing initiatives and continued focus on product availability and service levels also helped the company in gaining market share," said Berger's General Manager Mustafa Turra in a statement accompanying the financial report.

The company made net profit of $185.1 million on sales of $895 million for the quarter. Profit spiked by 132 per cent, while sales climbed 18 per cent.

The growth in profit after tax was due to both increased sales and a continued focus on efficiencies in operations and administration, added Turra.

steven.jackson@gleanerjm.com