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CAC revenue climbs in first quarter

Published:Wednesday | March 23, 2016 | 12:00 AMTameka Gordon

Air conditioning company CAC 2000 Limited reported sales of $229.7 million in its January quarter, up from the $175 million realised in 2015.

It's the company's first quarterly filing results since its January 7 listing on the junior stock exchange.

Ahead of its listing, the company changed the ending of its financial year from July 31 to October 31, but used the July 31 audit results for its prospectus.

Its financial report to the stock exchange for the first quarter therefore reflects the 15-month performance of the company to October 2015. Over that period, the company reported revenue of $1.08 billion and net profit of $84.8 million.

In its first quarter of 2016, the company made a profit of $26.7 million, up 21 per cent from $22 million, year on year.

Within the same period, expenses shot up from $48 million to nearly $59 million, a spike that chairman and CEO Steven Marston said reflected both capital investments in projects that started in early 2015 to support the expected growth in business as well as the expenses associated with the IPO.

CAC 2000 closed the quarter with property, plant and equipment valued at $34.5 million, or more than triple the $11 million of fixed assets in the comparative period of 2015.

Its capital base has doubled from $155 million to $360 million, and the company is $155 million in debt.

CAC expects improved returns for subsequent quarters from "major projects" such as Melia Braco "expected to be invoiced and collected over the next two quarters."

The company intended to raise $120 million from the IPO in December, but with the oversubscription of the offer, opted to accept $130 million worth of applications.

The stock debuted at $4.89 and is now trading at $7.40.