$99.12 to one US dollar 4:44 PM
Boyz Bahamas camp cut short 3:10 PM
Firearm seized, two men arrested in Kingston 8 2:17 PM
NWA, NWC sign road reinstatement contract 1:55 PM
Update: British Airways plane catches fire in flight 12:54 PM
Twenty-two Jamaicans vie in NY Diamond League Saturday 12:37 PM
Business
Sandy hits Jamaica Producers hard
90% banana crop loss
By Shamille Scott Business reporter
Sunday, October 28, 2012
Jamaica Producers (JP) is feeling the wrath of Sandy.
The damage inflicted by the Category One hurricane last week is significant, said Jeffrey Hall, JP's managing director.
Sandy hit Jamaica on Wednesday, uprooting trees, and downing utility poles with wind speeds exceeding 80 miles per hour. It also wiped out the bananas on JP's 500-acre St Mary farm, which also includes pineapples and cassava.
"It was a direct hit and we suffered a 90 per cent loss of our (banana) crops," he said.
JP is the largest producer of bananas on the island. The company sells the fresh fruit, along with St Mary's banana chips through its Tropical Foods subsidiary.
The immediate plan is to revive the farms, said Hall.
Banana trees that lay flat will be re-set and fertilisers will give support for banana suckers, Hall said, adding that nutrients are now being fed to the next generation of bananas by a team.
"It's a rough time for banana farmers but we will pull through this," he said.
There will be no immediate shortage of snacks, however.
"We have done an inventory and there is enough to supply," Hall said.
The company is still assessing the cost of the damage and cannot give a figure just yet.
"We have to know acre by acre. We can't know now," Hall said.
Banana production is inevitably affected by hurricanes, Hall said, noting "Jamaica has been through this before."
To prepare when disaster strikes, Hall said the company diversified its farms. The company will be increasing its supply of pineapple by 30 per cent, he said, noting that the crop will only be sold as fresh fruits and will not be sold to juice makers.
JP also plants cassava and Hall said its production will increase steadily.
The focus of the farm is to cater to the Jamaican market.
For the second quarter ending June 30, 2012, the conglomerate made $46 million after-tax compared to earnings of $47 million over the same three months last year - when excluding a one-off gain of $727 million for the sale of portfolio investments during the period.
JP Tropical has benefited from the acquisition of a controlling interest in Tortuga International Holdings and a 50 per cent joint venture interest in Mavis Bank Coffee Factory, both of which made a positive year-to-date contribution to the divisional result, JP reported.
POST A COMMENT
HOUSE RULES
1. We welcome reader comments on the top stories of the day. Some comments may be republished on the website or in the newspaper – email addresses will not be published.
2. Please understand that comments are moderated and it is not always possible to publish all that have been submitted. We will, however, try to publish comments that are representative of all received.
3. We ask that comments are civil and free of libellous or hateful material. Also please stick to the topic under discussion.
4. Please do not write in block capitals since this makes your comment hard to read.
5. Please don't use the comments to advertise. However, our advertising department can be more than accommodating if emailed: advertising@jamaicaobserver.com.
6. If readers wish to report offensive comments, suggest a correction or share a story then please email: community@jamaicaobserver.com.
7. Lastly, read our Terms and Conditions and Privacy Policy
Other Stories
Interest rates are on the rise
JNBS touts 'financial bridge' in London
SVL dealing with 'little issues' in Dom Rep
IMF appoints new rep for Jamaica
Puerto Rico faces lowest coffee production ever
Oil falls on concerns for China demand
Cuba sees decline in food production
Turks and Caicos recovers cash, land amid probe
Canadian businessman on trial for corruption in Cuba
IMF head Lagarde in fraud probe
Are the new telecoms licences up for sale too pricey?
JPS, ATL partner on energy-saving retail products
Fiction, Tracks & Records post losses
Colombia turning brain drain to gain
BCW Capital to raise $500-m for Caribbean Producers
Insurers keep underwriting profit...


