June 9, 2025
Fosrich Company Limited (FOSRICH)
Unaudited financials for the first quarter ended March 31, 2025:
Fosrich Company Limited (FOSRICH) for the first quarter ended March 31, 2025, reported a 1% decrease in revenue totalling $852.91 million compared to $859.83 million in the corresponding three months last year.
Cost of Sales amounted to $547.34 million (2024: $470.28 million), this represents an increase of 16% year over year. Consequently, gross profit decreased by 22% to $305.57 million compared to $389.55 million for the first quarter ended March 31, 2024.
Other Income decreased by 85% to close at $779,235 (2024: $5.27 million), while Administrative and other expenses increased by 12% from $301.63 million in 2024 to $337.37 million for the three months. Also, Expected Credit Adjustment for the first quarter amounted to a $8.90 million gain in 2025, relative to $0 reported in 2024.
Operating loss for the three months amounted to $24.37 million, a 126% decrease relative to operating profit of $93.19 million reported in 2024.
Finance cost totalled $44.23 million, a 21% decrease from the corresponding period last year. (2024: $55.73 million).
Loss before taxation for the first quarter ended March 31, 2025, amounted to $68.60 million, a 283% decrease relative to operating profit of $37.46 million reported in 2024.
No taxes were reported for the three months ended March 31, 2025, (2024: Tax charge of $4.47 million). As such, Net Loss for the three months amounted to $68.60 million, a 308% decrease from the $32.99 million net profit reported in 2024.
FosRich Highlighted, “In the current quarter, the company faced reduced total sales income despite higher sales volumes, due to global declines in PVC and solar panel prices, which were passed on to customers. Local housing market slowdowns, driven by higher interest rates in Jamaica, also impacted performance, and recent rate reductions have yet to yield benefits. Additionally, international shipping disruptions, particularly related to the Panama Canal, caused delays in both raw materials and finished goods, hampering manufacturing operations. However, improved credit terms from global partners, aiming to strengthen ties outside the U.S., are expected to offer future advantages.”
Consequently, Loss Per Share for the three months amounted to $0.01 (2024: EPS: $0.01). The twelve-month trailing LPS was $0.01, and the number of shares used in these calculations was 5,078,485,197.
Notably, FOSRICH’s stock price closed the trading period on June 6, 2025, at a price of $2.61.
Balance Sheet Highlights
The company’s assets totalled $7.05 billion (2024: $6.01 billion). The growth in total assets was primarily driven by a 75% or $653.07 million increase in ‘Property, plant and equipment’ during the period.
Shareholder’s equity was $1.93 billion (2024: $2.07 billion), representing a book value per share of $0.38 (2024: $0.41).
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