August 15, 2024
The Consolidated Bakeries (Jamaica) Limited (PURITY) for the six months ended June 30, 2024, reported a 7% increase in Revenue totaling $879.69 million compared to $825.85 million in the corresponding period last year. Revenue for the second quarter had a 4% decrease to close at $354.62 million compared to $367.86 million for the comparable quarter of 2023.
Cost of Sales amounted to $546.59 million (2023: $515.07 million), this represents an increase of 6% year over year. Consequently, gross profit increased by 7% to $333.10 million compared to $310.77 million for the six months ended June 30, 2023. The company booked gross profit of $133.36 million for the second quarter versus $138.31 million reported for the similar quarter of 2023.
Selling Expense increase by 18% to close at $141.06 million (2023: $119.70 million), while Admin Exp increase by 19% from $136.72 million in 2023 to $162.58 million in the period under review. As a result, total expenses for the six months amounted to $326.13 million, an 18% increase relative to $275.84 million reported in 2023.
Operating Profit for the six months amounted to $6.97 million, an 80% decrease relative to $34.93 million reported in 2023. Operating loss for the second quarter amounted to $18.20 million (2023: Operating profit of $9.82 million).
Finance Cost totalled $9.29 million (2023: $9.28 million).
Pre-tax loss for the six months amounted to $2.07 million, relative to a profit of $26.87 million reported in 2023. Pre-tax loss for the second quarter amounted to $22.22 million (2023: Profit of $5.53 million).
Net loss for the six months amounted to $2.07 million, relative to a net profit of $24.28 million reported in 2023. For the second quarter, Net loss was $22.22 million (2023: Net profit of $4.23 million).
Consequently, Loss Per Share for the six months amounted to $0.01 (2023: EPS: $0.11), while Loss Per Share for the quarter totaled $0.10 (2023: EPS: $0.02). The twelve-month trailing LPS was $0.06, and the number of shares used in these calculations was 222,709,171.
Notably, PURITY’s stock price closed the trading period on August 14, 2024, at a price of $2.05.
Balance Sheet Highlights
The company’s assets totalled $1.21 billion (2023: $1.15 billion). The increase in assets resulted from a 33% rise in ‘accounts receivables’ closing at $159.47 million.
Shareholder’s equity was $711.00 million (2023: $722.39 million), representing a book value per share of $3.19 (2023: $3.24).
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