Thursday 28 May, 2020

Jamaican Teas sales up by 9 per cent, shareholders to vote on stock split in March

A dividend of $0.06 per share is to be paid on March 7, 2017, with a record date of February 17, 2017.  The ex-dividend date is February 15, 2017.

For the three months ended December 31, 2016 total comprehensive income was $65.4 million, five per cent down from the $68.5 million in the comparative period in 2015.

A small loss from discontinued operations of $1.3 million for the current quarter and $4.3 million for the prior year’s first quarter are reflected in the consolidated Statement of Comprehensive Income, Jamaican Teas said in its financial statement.

The group however enjoyed growth in revenues from continuing operations to December 2016 of nine per cent moving from $344.6 million in first quarter of 2015

The improvement in revenues is due to increase in completion of sales of our residential units, 11 per cent increase in sale for our products in the local market and moderate growth in our supermarket by four per cent, negatively impacted by a temporary slippage in sales to the overseas markets.

Sales at the manufacturing operation was helped by the introduction of new products during 2016, the company headed by John Mahfood shared.

As for its real estate business, Jamaican Teas said it completed sales of eight houses at its St Thomas development in the review period, three more than it did in the comparative period of 2015.

This brings the total number of units sold and delivered in the Orchid Estate project to 29.

Jamaican Teas said it has another 18 units in the scheme completed and under sales contracts and expects to complete remaining 25 units within the next six months.

Expenses for the three months ended December totalled $49.5 million up from $43.9 million in the corresponding period of 2015.

“Our investment portfolio increased in value by $19 million in the December Quarter and has shown improvement since December,” the company added.

FEATURED IMAGE: Jamaican Teas CEO Joh Mahfood

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