For the Six Months Months as at June 30, 2017:
Revenue totalled $8.37 billion compared to the $7.6 billion recorded for the same period of the prior financial year; this represents a 10% increase year over year. Revenue for the quarter totalled $4.11 billion a 5% increase relative to $3.92 billion the prior year.
Cost of Sales rose declined by 8% from $5.86 billion to $6.31 billion. Consequently, Gross Profits increased 18% to close at $ $2.05 billion (2016: $1.74 billion).
Finance and Other Income for the period totalled $384.55 million relative to $636.78 million in 2016 a 40% decline year over year.
Selling expenses increased by 6% increase to close the first half of the year at $360.99 million. Administrative Expenses for the period increased by 44% to total $1.23 billion (2016: $855.16 million). Operating Profit declined by 28%, to total $847.30 million.
Finance Costs totalled $170.02 million; an increase of 10 percent. The company reported a Share of results of Joint Venture totalling $41.43 million relative to $576,000 reported in 2016. Pre-tax Profits declined 38% to $635.85 million in comparison to profits of $1.02 billion last year. Taxation of $174.01 million was reported for the period relative to $206.82 million in 2016.
The company reported Net Profit attributable to shareholders of $530.99 million, a decline of 41% relative to last year (2016: $892.87 million). For the quarter net profit totaled $237.58 million, relative to the $631.96 million reported in 2016.
Earnings Per Share for the six months ended June 30, 2017 amounted to $1.03 relative to $1.73 for the corresponding period in 2016. The Earnings per share for the quarter was reported at $0.46 relative to $1.22 reported in 2016. The twelve months trailing EPS is $1.41.
The management reported that “The net Profit for 2017 is 6% below Plan, primarily due to lower than expected sugar production caused by abnormally high rainfall that affected the cane harvesting. Management is confident that this deficit will be recouped especially with the manufacturing investments that will come online in Quarter 4 and expectations of a significant uptick in the export business.”
Balance Sheet at a Glance:
As at June 30, 2017, the company’s total assets increased by 1.2% to $18.29 billion from $18.07 billion a year ago.
Shareholder equity for the period was $9.65 billion relative to $10.85 billion last year. Book value per share is now $18.69 relative to $21.01 last year. The number of shares used in our calculations is 516,397,918.
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