GraceKennedy Group Net Profit Declined by 25%

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The GraceKennedy Group has experienced a 25-percent decline in net profit for the first quarter of 2015, relative to the return in the corresponding period last year.

Unaudited statements show that the company recorded net profit of 7-hundred-and-three-million dollars between January and March this year, down from 9-hundred-and-41-million for the first three months last year.

The disappointing performance of net profit comes against a 16-percent increase in revenues for the first three months this year, compared to the first quarter last year.

The company says its performance was impacted by lower foreign exchange gains and higher financing costs.

The company says the of its new US Food operations and a recognition of the total asset tax liability in the first quarter this year, also affected its performance.

Group CEO says despite the net profit outturn, the performance was better than forecast in the first quarter.

He says the group will be profitable in 2015.

GraceKennedy says it will be making significant capital investments in its manufacturing plants to compete effectively in both the Jamaican and international markets.

Mr. Wehby says the company is looking at possible acquisitions of foods businesses in Jamaica.