GraceKennedy Group is reporting revenues of nearly 26 billion dollars for the three months ended March 31, 2019.
This represents an increase of just over 4% or a billion dollars over the corresponding period of 2018.
However, Net profit after tax fell almost 23% to one-billion dollars.
Net profit attributable to stockholders was $897-million, almost 25% lower than the corresponding period last year.
Profit before other income for the period was just over $885-million.
This was 24% or $173-million higher than the corresponding period in 2018, indicating an improved operating margin.
Group CEO Don Wehby says the performance was ahead of plan, notwithstanding that profit for the quarter was below the corresponding period in the prior year.
He says the Group expects to meet its target and achieve improved operating performance.
GraceKennedy has declared an interim dividend of 40-cents per stock unit, which is payable to shareholders on June 14.
Over the three-month period, shareholders’ equity increased by over a billion dollars to nearly $46-billion, which resulted in a book value per share of $46.6.
GraceKennedy closed the quarter with earnings per stock unit of 90-cents, lower than Quarter 1 2018’s 1-dollar 20-cents.