Bizbriefs: Earnings Reports
Cargo Handlers optimistic for 2017
Cargo Handlers Limited, which provides port services in Montego Bay, continues to benefit from increased cruise tourist activity in that city, with revenues and profit up by double digits for its first quarter ending December 2016.
The results put the company's earnings per share at $0.12, up from $0.09 a year earlier.
The company, chaired by businessman Mart Hart, conducts stevedoring activities at the Montego Bay Freeport, which involves the loading and unloading of cargo on ships. The increased shipping activities associated with record tourist arrivals benefited the company, stated management.
"Increased passenger vessel traffic, coupled with the seasonal increased in containerised cargo, pushed revenues," said CHL's management in a statement accompanying the financials. "We are excited with the direction in which the company is headed."
Cargo Handlers made $46.2 million net profit on $86.9 million in revenues for the quarter or 30 per cent more profit year-over-year. The company holds $367.7 million in total assets with $20.4 million in total liabilities.
Last year, the company benefited from increased activity surrounding the build out of the liquefied natural gas storage plant close to the wharf.
JMMB reports big jump in profit
JMMB Group made $653.2 million or 25 per cent more profit in the third quarter ending December due in part to increased trading, particularly in Jamaica.
Over nine months, earnings amounted to $2.68 billion, a 55 per cent increase. That equated to earning per share of 39 cents for the quarter and $1.63 for the nine months.
Total net operating revenue, at $11.06 billion, grew 30 per cent over nine months. Some 23 per cent of revenue was earned in markets outside Jamaica.
" ... Additionally, the group's regional diversification strategy continues to reap positive results as demonstrated by increased operating revenue in all the territories; with Trinidad & Tobago and the Dominican Republic showing an increase of 12 per cent and 18 per cent, respectively, resulting from the expansion of banking services in Trinidad and Tobago and growth of the asset management and mutual funds business lines in the Dominican Republic," said JMMB in its earnings report.
The group's asset base totalled $253.81.
JMMB Group is in the business of investments, securities trading, banking and general insurance. The company continues to build out its full-service or so-called 'integrated' branches across Jamaica and its regional markets. Additionally, during the third quarter, JMMB Group expanded its green initiative with a solar energy project at its New Kingston head office aimed at cutting energy costs.