Pan Jam profits up for FY2011
Investment Trust has reported net profits of J$1.9 billion for financial year ended
December 2011, an 18.75 per cent increase on the J$1.6 billion it recorded the
operating expenses increased during the period, growth in revenues lines more
than offset those increases, the company said in a market filing.
Last year Pan
Jam merged operations with First Jamaica Investments Limited in an effort to
eliminate market confusion and eradicate the duplication of expenses such as
audit and stock exchange listing fees.
income grew by 66 per cent to J$246 million from J$148 million the previous
year, according to the report to shareholders filed with the Jamaica Stock
For the 2010
financial year, the company reported that it recorded foreign exchange
translation losses of J$62 million. However, during 2011 there was a turnaround
with gains of J$8 million.
which is engaged in, among other services, property development and management,
said income from property increased by J$121 million or 16 per cent to J$1.4
it said, includes a 13 per cent increase in rental income to J$1 billion and a J$300
million property revaluation gain.
review period there were also upward movements in operating costs, the result
of added energy costs combined with inflationary increases in other expense
categories. However, Pan Jam said the increase in property income was more than
enough to compensate for those movements.
reported that the property segment enjoyed overall occupancy levels exceeding
98 per cent for the 2011 financial year.
operating expenses for the year amounted to J$935 million compared to J$780
million, an increase of 20 per cent on the previous year’s.
from shares in Pan Jam’s associated companies was also positive, increasing by J$199
million to $1.37 billion from the J$1.2 billion recorded in 2010.
With a 20 per
cent investment in the GraceKennedy-owned Hardware & Lumber, Pan Jam said that
some progress has been made at that outfit, but more focus needs to be given to
the profits drivers of the business, and eliminate unprofitable locations and
Walkerswood Group also contributed J$12 million to the company's bottom-line during
group continues to build new and existing markets while attempting to satisfy
customer demand," said Pan Jamaica in its report to shareholders on its
investment in Walkerswood.
pleased with the progress of this investment and delighted to see our
Walkerswood Busha Browne and Jamaica Joe products gaining increased traction in
the export market," said the report signed by chairman Maurice Facey and
president and chief executive officer Stephen Facey.
Bank Coffee Factory, Pan Jam’s most recent acquisition, contributed J$18
million to group profits.
total assets as at December 31, 2011 amounted to J$15.9 billion, compared to
$15.2 billion at December 31, 2010.
Pan Jam is a
multi-faceted holding corporation that owns and operates businesses across
a range of industries. Through its subsidiaries and associated companies, it
engage in property development and management, banking, manufacturing,
retail , trade, financial services and investment.
The company, which
last traded at J$57.20 on the JSE, is expected to start the construction of a Marriott
Hotel in New Kingston this year.