July 31, 2020
Paramount Trading (Jamaica) Limited recorded a 5% decrease in total revenues to $1.52 billion from $1.60 billion reported in 2019. For the quarter, revenues amounted to $365.86 million (2019: $ 406.08 million).
Direct expenses closed the period at $1.05 billion relative to the $1.10 billion booked a year ago. As such, gross profit fell by approximately 7% to $468.18 million (2019: $501.86 million). For the quarter, gross profit closed at $125.76 million (2019: $126.35 million).
Other operating income amounted $24.94 million for the year, a rise of 47% compared to $16.99 million booked for the previous year’s corresponding period. While, for the quarter, other operating loss totalled $14.68 million versus other operating income of $3.69 million booked in the previous comparable quarter.
Administrative expenses fell 9% to $366.88 million, down from the $401.76 million recorded for 2019. While, Selling and distribution expenses declined to $18.81 million (2019: $19.95 million).
Operating profit closed the year end at $107.42 million versus $97.15 million booked in the same comparable period. While for the quarter, operating profit totalled $23.47 million (2019: $32.54 million).
Finance income amounted to $2.54 million, up 55% when compared to the $1.64 million reported for the prior year, while finance costs grew to total $47.94 million (2019: $23.16 million).
Pre-tax profit for the year totalled $62.02 million, 18% less than the $75.62 million reported in fourth quarter of 2019. Taxes were charged for the year in the amount of $8.99 million relative to $12.98 million in 2019. As such, Net profit attributable to shareholders totalled $53.02 million, a decrease of 15% (2018: $62.64 million). Net profit attributable to shareholders for the fourth quarter amounted to $4.24 million compared to net loss attributable to shareholders of $17.12 million documented in the prior corresponding quarter.
Earnings per share for the year totalled $0.034 (2019: $0.041), while EPS for the fourth quarter totalled $0.003 versus EPS of $0.01 booked in the similar quarter last year. The number of shares used in our calculations is 1,542,467,080 units. PTL closed the trading period at $1.77 on July 30, 2020.
Balance Sheet Highlights:
As at May 31, 2020, the company’s assets totalled $1.86 billion, $282.99 million more than the $1.58 billion quoted a year ago. The main contributor to this growth was the increase in Property Plant and Equipment which closed at $609.10 million relative to $360.29 million a year ago. In addition ‘Inventories’ contributed to the increase amounting to $683.56 million, a 25% growth relative to the $547.91 million recorded in 2019.
Shareholder’s equity as at May 31, 2020 stood at $794.39 million (2019: $741.37 million) resulting in a book value per share of $0.515 (2019: $0.481).
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