Chairman and Chief Executive Officer of Derrimon Trading Company, Derrick Cotterell, is reporting that the company has signed an agreement with Sagicor Bank to refinance $550-million of its debt.
He says this will be amortized over 10 years at an interest rate of 9.5-percent, allowing for a significant reduction in interest cost.
Other strategies he says will also be employed to reduce finance cost with the full impact realized in the short to medium term.
For the six months to June 30, finance costs was over $73-million up by more than $20-million reported in June 30, 2017.
For the second quarter ended June 2018, the finance cost was over $33-million which was nearly $6-million above that reported for the similar quarter in 2017.
Commenting further, in the just-released Consolidated Statements, Mr. Cotterell reported that consolidated revenue for this six months period was over $4-billion. This was 32.65 percent above the $3-billion reported for the prior period in 2017.
Consolidated gross profit generated was over $731-million. This was more than $150-million or over 25-percent above the over $580-million reported for 2017.
Consolidated net profit earned was close to $123-million. This represents an increase of over $36-million or just over 42-percent over the more than $86-million reported 2017.
Derrimon Trading Company closed the period with Consolidated Earnings Per Stock unit of $0.45, an increase from $0.32 reported in 2017.