Seprod's earnings jump 37 per cent

Seprod's earnings jump 37 per cent

Wednesday, May 14, 2014

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MANUFACTURING and distribution conglomerate Seprod Group posted a 37 per cent increase in profit during the first three months of 2014.

During the quarter under review, the company made $395 million in profit, up from $288.5 million in the comparative quarter.

Revenue during the period marginally grew by four per cent to $3.7 billion, up from $3.6 billion in the comparative period in the prior year.

The company, which makes and distributes brands such a Chiffon and Butterkist, realised a gain of $9.9 million on stock investments, an improvement from the loss of $5.5 million it saw the comparative period.

Seprod recently formed a new overseas-based investment subsidiary, Xaymaca Ltd.

Net gains on foreign exchange, however, decreased during the review period, down from $37.5 million the year before to $20.8 million during the three months to March 31, 2014.

At the same time, selling expenses marginally increased to $98.5 million during the first quarter of this year, compared to $98 million the year before, while administrative costs was $410 million or $1 million less than the comparative period in 2013.

Seprod operates nine active subsidiaries including Belvedere Ltd involved in agriculture, Caribbean Products Company Ltd which manufactures oils and fats; Golden Grove Sugar Company Ltd which produces sugar, and its wholly owned subsidiary Golden Grove Funding Ltd involved in investments; Industrial Sales Ltd involved in the sale of consumer products; International Biscuits Ltd which manufactures and sells biscuits; Jamaica Grain and Cereals Ltd which manufactures corn products and cereals; Serge Island Diaries Ltd makers of milk and juices; Serge Island Farms Ltd involved in farming; Jamaica Edible Oils and Xaymaca Ltd involved in investments.

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