Berger Paints profit up for second quarter

Berger Paints profit up for second quarter

Sunday, August 25, 2019

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Berger Paints Jamaica Limited (BPJL) is reporting (August 14) an unaudited after-tax surplus of $27.96 million for the company's second quarter ended June 30, 2019. This represents a five per cent increase when compared with the corresponding period last year, which recorded a net profit of $26.53 million.

Chairman of BPJL Adam Sabga, in reporting to shareholders, indicated that revenues for the period under review amounted to $602 million, a two per cent decrease over the comparative quarter of 2018, which recorded $615 million.

“The quarter's performance was further impacted by a two per cent increase in cost of sales, primarily due to supplier increases during the period,” Sabga stated in the report.

He added that cost of sales for the six-month period ended June 30, 2019, increased by four per cent when compared to the similar period in 2018, also due to suppliers' increases during the period.

Sabga further indicated that net profit for the six months amounted to $32 million, a decrease compared to the $34 million recorded in the corresponding period in 2018.

“With management's continued focus on controlling expenses, total operating expenses for the quarter was seven per cent below the comparative period in 2018; management continues to realign its market focus and through diligent partnerships with local stakeholders, we expect this direction to yield improved returns,” he said.

Earnings per share for the three-month period ended at $0.13, an increase compared with the $0.12 recorded in 2018.

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