Monday 20 May, 2019

Fontana’s revenue rises 8 per cent while profit slips

The results show the company’s pre-listing result which outlines the positive trajectory of the company and confirms its ongoing strategic investment in infrastructure and controls, said Fontana chairman Kevin Obrien Chang.

The results show the company’s pre-listing result which outlines the positive trajectory of the company and confirms its ongoing strategic investment in infrastructure and controls, said Fontana chairman Kevin Obrien Chang.

Fontana Pharmacy made less profit for its December quarter 2018 prior to listing as it continues to build out its new location.

Net profit at $131.86 million for the second quarter ending December declined by $27.6 million when compared to a year earlier.

Over six months, net profit totalled $174.22 million or 3.0 per cent higher than in the corresponding period in 2017.

The recently published financial statements show the company’s pre-listing result which outlines the positive trajectory of the company and confirms its ongoing strategic investment in infrastructure and controls, said Fontana chairman Kevin Obrien Chang.

Revenue for the second quarter increased 8.6 per cent to $1.2 billion and gross profit margin declined but remained constant for the year to date at 35 per cent for both 2018 and 2017.

Expenses grew 9.6 per cent year to date due to strengthening management and infrastructure. New positions were added in marketing, brand, beauty, inventory and pharmacy operations. The company increased staff welfare for its 50th anniversary.

The second quarter represented a turning point and a quantum leap in the company’s history.

It successfully opened and closed its IPO in December and in January successfully listed on the Junior Market of the Jamaica Stock Exchange.

 

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