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PURITY Reports $20.11 Million in Nine Months Net Profit

November 05, 2018

Consolidated Bakeries (Jamaica) Limited (PURITY), for the nine months ended September 30, 2018, recorded a 11% increase in revenue $716.45 million from $643.07 million reported for the corresponding period in 2017. For the third quarter, the company recorded a revenue of $223.92 million (2017: $195.61 million), representing a 14% growth.

Cost of sales for the period rose by 4% to close at $446.75 million (2017: $430.79 million), leading to a gross profit of $269.71 million (2017: $212.28 million). Within the quarter, PURITY recorded cost of sales of $140.86 million, up 5% relative to $134.58 million booked at the end of the third quarter for 2017. As such, third quarter’s gross profit totaled $83.05 million, up 36% year over year (2017: $61.03 million).

Other Income declined 8% to $3.12 million relative to $3.38 million booked for the comparable period in 2017. For the quarter, Other Income closed at $1.47 million (2017: $1.06 million), climbing by 39%.

The company reported Total Expenses of $240.29 million, a 2% rise when compared to the $235.14 million reported in 2017. Of this, Administrative Expenses amounted to $136.30 million, up 3% relative to $132.19 million reported in 2017. Selling Expenses slightly went up by 1% to close at $103.99 million (2017: $102.95 million). Total Expenses for the third quarter amounted to $81.34 million, up by 8% year over year from $75.46 million booked in 2017.

This resulted in an Operating Profit of $32.54 million for the nine-months period, compared to an Operating Loss of $19.49 million documented for the comparable period in 2017. For the third quarter, Operating Profit amounted to $3.18 million relative to an Operating Loss of $13.37 million.

Finance Costs increased by 183% to close at $9.55 million versus $3.37 million booked twelve months earlier.

Consequently, PURITY recorded Pre-tax Profit of $22.99 million compared to a Pre-tax Loss of $22.86 million. Pre-tax Profit for the quarter closed at $386,945 compared to a Pre-tax Loss of $14.20 million in the previous corresponding quarter.

The Company incurred taxes of $2.87 million for the period under review, resulting in a Net Profit of $20.11 million versus a loss of $22.86 million. For the third quarter, the Company booked a taxes of $48,368 resulting in a Net Profit of $338,577 in contrast to a loss of $14.20 million for the corresponding quarter in 2017.

As a result, earnings per share (EPS) for the nine-months amounted to $0.09 compared to a loss-per-share (LPS) of $0.10 reported in 2017. For the quarter, the earnings-per-share totaled $0.002 relative to a LPS of $0.06 in 2017. The twelve-months trailing EPS is $0.013, and the number of shares used in our calculations is 222,709,171 units. PURITY stock last traded on November 02, 2018 at $2.00.

Balance Sheet Highlights:

PURITY, as at September 30, 2018, recorded Total Assets of $955.53 million, an increase of 34% year over year. The increase was attributed mainly to a 46% growth in ‘Property, Plant and Equipment’ and ‘Inventories’ which closed at $712.72 million (2017: $487.53 million) and $42.71 million (2017: $29.27 million), respectively.

The company closed the period with Shareholders’ Equity in the amount of $739.16 million, representing an increase of 40%. The increase was due to a growth in revaluation reserves from $330.85 million to $537.34 million. The company now has a book value per share of $3.32 (2017: $2.36).

 

Disclaimer: Analyst Certification -The views expressed in this research report accurately reflect the personal views of Mayberry Investments Limited Research Department about those issuer (s) or securities as at the date of this report. Each research analyst (s) also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendation (s) or view (s) expressed by that research analyst in this research report.

Company Disclosure -The information contained herein has been obtained from sources believed to be reliable, however its accuracy and completeness cannot be guaranteed. You are hereby notified that any disclosure, copying, distribution or taking any action in reliance on the contents of this information is strictly prohibited and may be unlawful. Mayberry may effect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.

2018-11-06T14:45:17-05:00