Date: February 14, 2019
Productive Business Solutions Limited (PBS) for the year ending December 30, 2018, reported an increase in revenues from US$171.99 million in 2017 to US$185.50 million in 2018, an 8% increase. For the quarter, revenues increased 25% to total US$57.79 million relative to US$46.36 million the prior quarter.
Direct expenses increased 12% to close the period at US$110.27 million when compared to US$98.13 million for the same period of 2017. As such, gross profit for the year increased 2% to US$75.23 million (2017: US$73.86 million). Gross profit for the quarter amounted to $21.62 million (2017: $20.19 million).
Other income improved 84% to close at US$1.39 million relative to $757,000 in 2017.
Selling, general and administrative expenses amounted to US$64.65 million (2017: US$68.13 million), a marginal decreased of 5%. As such, operating profit increased 85% for the period to total US$11.97 million relative to the US$6.49 million in 2017. Operating profit for the quarter totalled US$6.81 million, a 189% increase on the US$2.36 million reported in 2017. Management noted this was due to, “higher revenue and lower selling, general and administrative expenses.”
Finance costs decreased marginally to total US$9.16 million relative to US$9.20 million in 2017. Management noted, “the was due to foreign exchange losses associated with the appreciation of the Jamaican Dollar versus the United States dollar in the last quarter of 2018.” As such, profit before taxation amounted to US$2.81 million relative to a loss of US$2.72 in 2017.
After taxation of US$2.69 million (2017: US$03 million) the company reported a net profit of US$122,000 relative to a loss of US$4.74 million in 2017. Net profit for the quarter amounted to US$1.46 million compared to a loss of US$1.61 million in the corresponding quarter of 2017. Total Comprehensive Loss for the period attributable to shareholders was US$2.40 million relative to the loss of US$5.31 million reported the prior year.
For the period the company reported a earnings per share (LPS) of US$0.02 (LPS 2017: US$0.04). The earnings per share for the quarter amounted to US$0.006(LPS 2017: US$0.015). The total number of shares employed in our calculations amounted to 123,272,727 units. The stock price closed trading on February 14, 2018 at US$0.59.
Balance Sheet at a glance:
As at December 30, 2018, PBS had total assets totalling US166.86 million (2017: US$160.46 million) which represents a marginal increase of 4%. This movement was mainly attributed to a 14% and 17% growth in ‘Property, Plant, and Equipment’ and ‘Trade and Other Receivables’ respectively to US$23.19 million and US$98 million respectively.
Shareholders Equity amounted to $US35.61 million (2017: US$38.03 million) with a book value per share of $US0.289 (2017: $0.308).
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