October 14, 2024
Paramount Trading (Jamaica) Limited (PTL)
Unaudited financials for the first quarter ended August 31, 2024:
Paramount Trading (Jamaica) Limited (PTL) for the first quarter ended August 31, 2024 reported a 9% decrease in revenue totaling $389.11 million compared to $426.05 million in the corresponding three months last year.
Direct Expenses amounted to $255.71 million (2023: $246.45 million), this represents an increase of 4% year over year. Consequently, gross profit decreased by 26% to $133.40 million compared to $179.60 million for the first quarter ended August 31, 2023.
Other operating expense closed at $24.94 million (2023: operating income of $1.75 million), while Administrative Expenses increased by 5% from $114.60 million in 2023 to $120.70 million for the three months. As a result, Total Expenses for the first quarter amounted to $126.62 million, a 6% increase relative to $119.20 million reported in 2023.
Operating loss for the three months amounted to $18.15 million relative to operating profit of $62.15 million reported in 2023. Net Finance cost totaled $19.79 million, a 38% increase from the corresponding period last year. (2023: $14.35 million).
Pre-tax loss for the first quarter ended August 31, 2024, amounted to $37.95 million relative to pre-tax profit of $47.80 million reported in 2023.
No taxation was reported for the period under review (2023: $8.11 million) . Net loss for the three months amounted to $37.95 million relative to net profit of $39.69 million reported in 2023.
Consequently, Loss Per Share for the three months amounted to $0.025 (2023: EPS: $0.026). The twelve month trailing LPS was $0.06 and the number of shares used in these calculations was 1,542,467,080. Notably, PTL’s stock price closed the trading period on October 11, 2024 at a price of $1.33.
Balance Sheet Highlights
The company’s assets totaled $2.32 billion (2023: $2.23 billion). The movement in the total asset base is attributed to a $97.81 million or 18% increase in ‘Property, plant and equipment’ to $641.43 million (2023: $543.62 million), $141.66 million or 156% increase in ‘Cash and cash equivalents’ to $232.74 million (2023: $91.08 million), while there was a $24.38 million or 3% decrease in ‘Inventories’ to $718.31 million (2023: $742.69 million) and a $171.12 million or 23% decrease in ‘Receivables’ to $572.95 million (2023:$744.06 million).
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