Friday 21 September, 2018

Salada reports 28 per cent increase in profit

The company posted $17.2 million in profit for the three months ended December 31, 2016 up from $13.4 million in the comparative period in 2015.

Increased sales, improved margins and gains on investments positively impacted the net profit position, Salada said, adding that improved margins were attributed to improved efficiencies and mix of products sold.

Revenue for the quarter under review was $195.27 million, an increase of four per cent over the $188.63 million for the corresponding period.

“This is a result of a 42.9 per cent increase in domestic distributor sales. Exports lag corresponding prior year results by 65.9 per cent; timing of export sales affected the quarter’s performance,” the manufacturer noted.

Meanwhile, selling and promotional expenses for the quarter were $13.57 million, a 7. 2 per cent increase over the corresponding quarter of the prior year.

This resulted from an increase in spend on promotional activities to support the Jamaica Mountain Peak brands, the company said.

Meanwhile, administrative expenses of $29.3 million for the quarter was below the corresponding prior year’s spend of $31.09 million attributed to lower staff costs.