BRG reports 11% increase in first quarter profits

Berger Paints Jamaica Ltd. (BRG) for the three months ended June 30, 2017, recorded sales (net of discounts and rebates) in the amount of $454.55 million, a decrease of 10% when compared to that recorded for the comparable period the year prior (2016: $506.18 million). Berger attributed the decline in sales to, “the impact of local cement shortages and adverse weather conditions during the quarter.”

Profit from operations rose 11% to $31.22 million, relative to $28.22 million recorded for the first quarter of 2016.

Berger reported no income from investments and finance costs for the quarter, which resulted in profit before taxation  of $31.22 million (2016: $28.22 million).

Following taxation of $7.81 million (2016: $7.05 million), net profit for the first three months ended June 30, 2017 increased to $23.42 million relative to $21.16 million booked for the corresponding period in 2016. According to the company the increase was due to, “continued focus on efficiencies both in operations and administration.”

Earnings per Share (EPS) for the first quarter amounted to $0.11 relative to $0.10 in 2016. The twelve month trailing EPS was amounted to $1.48. The number of shares used in this calculation was 214,322,393.

Berger stated, “we thank our customers, employees, suppliers and other stakeholders for their support and valuable contribution to the company’s performance to date, and look forward to their continued support of the Berger brand of quality.”

 

Balance Sheet at a glance:-

Total Assets amounted to $1.489 billion at the end of the first quarter, $316.45 million higher than its balance of $1.16 billion a year earlier. The main contributor to the increase in total assets was ‘Current Assets’ which recorded a $300.81 million or 37% increase from the $811.53 million reported in June 2016 to $1.11 billion as at June 2017. Property, Plant and Equipment amounted to $209.79 million compared to $204.85 million in 2016, a 2% increase year over year.

Shareholders’ equity amounted to $1 billion compared to $647.30 million in 2016. Book value per share as at June 30, 2017 was $4.67 relative to $3.02 for the first quarter of 2016.  The number of shares used in our computations is 214,332,393.

 

 

 

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2017-08-02T15:56:36+00:00