PUBLICLY listed companies reported mixed performance during the September quarter.

Most of those that have posted results so far managed to get better revenues than in the comparative three months in 2011.

But almost half of the 31 companies examined by the Jamaica Observer showed a decline in profit.

On the other hand, there was significantly higher combined profit across the group of businesses.

Collectively, they posted $14.1 billion in pre-tax profit compared to $11.7 billion during the same period the year before, though that was largely as a result of a few major players experiencing large increases in profit.

Chief among them was Carreras, which received $3.4 billion from the winding up of a pension scheme. Its profit before tax climbed from $894 million to $4.2 billion.

Another top performer was Kingston Wharves, which nearly tripled its pre-tax profit, from $89 million to $248 million, on significantly higher terminal activity.

The cargo handler said that increased volumes of motor units and containers at its port bumped up earnings.

Local brewer Red Stripe saw its profit jump from $213 million during the three months to September 30, 2011, to $510 million during the review period, due in part to the shift in production of beer destined to for North America to a plant in the US.

At the other end of the range, National Commercial Bank Jamaica (NCB) reported the largest decline in profit — from $5.7 billion to $3.6 billion.

The bank’s profit fall was due mostly to a $1-billion gain from the purchase of a 29 per cent stake in Jamaica Money Market Brokers (JMMB) during the three months to September 30 last year, which wasn’t realised in the review period.

The first quarter of this year was mostly good for financial institutions, due in part to acquisitions of stakes in other companies paying off.

JMMB posted 21 per cent higher profit during the three months to September 30, but that was due largely to a gain on the total acquisition of Capital and Credit Financial Group, which reflected a $117 – million refund on the cash consideration held in escrow for legacy shareholders.

Mayberry Investments pretax profit climbed from $92 million to $147 million, or by 17 per cent, due to foreign exchange gains and the sale of securities, while its stake in Access Financial Services returned a higher share of profit.

Access posted $58-million profit before tax during the review quarter compared to $36 million during the same period last year. As a result, Mayberry’s profit share climbed from $15 million to $26 million.

Lasco Financial saw a significant increase in trading income as a result of its remittance network, which also had a direct impact on its cambio gains.

Lasco Financial got a new cambio licence to operate in St Ann last September, took over Supreme Venture’s MoneyGram remittance operations last December, and has had an international money transfer agreement with MoneyGram International since February.

GraceKennedy’s (GK) banking and investment arm, which operates under the First Global brand, and Pan Caribbean Financial Services (PCFS) showed declines in profit — down 52 per cent and 27 per cent respectively.

GK said its banking division had a challenging period, while PCFS’s net trading income fell by 25 per cent while its non-interest expenses climbed by 25 per cent.

Insurers fared worse.

General Accident posted 93 per cent lower profit in the automotive, property and casualty side of the insurance business, while life and health insurer Sagicor Life Jamaica reported eight per cent less pretax earnings.

A large part of the decline at the general insurer’s bottom line was due to a one-time gain of $847 million from its sale of shares in Seprod last year, which it didn’t realise during the review period. But General Accident’s profit from underwriting insurance increased from $28 million to $31 million.

GK’s insurance arm, which operates Jamaica International Insurance Company (JIIC), reported a 13 per cent decline in pre-tax profit, while the conglomerate’s retail and trading division’s profit was half the earnings reported for the comparative period last year.

GK’s food business had a strong quarter having seen 44 per cent growth in its profit.

Other food groups also did well.

The maker of Kraft snacks and Serge Island milk, Seprod posted 66 per cent higher profits, while coffee maker Salada Foods posted 52 per cent higher earnings year on year.

Jamaican Teas saw its exports continue to grow — 70 per cent year on year during the quarter — but its profit before tax fell by five per cent.

Manufacturers listed on the Jamaica Stock Exchange (JSE) had a bad September quarter — carton box maker AMG Packaging and paint maker Berger saw their pretax profits fall by 36 per cent and 61 per cent respectively.

Caribbean Cement Company posted a $245-million loss before taxes, although it was a considerable improvement on the $551-million loss it incurred during the same period last year.

Most manufacturers felt the brunt of higher energy costs and a slower economy during the period, which were reflected in poor results.

Weak domestic demand also left the sole distributor of electricity, Jamaica Public Service Company, reeling.

It reported profit before tax of US$4.1 million ($369 million) for the review period compared to US$9.3 million during the same period last year.

Fuel cost for the light and power company fell from US$205.6 million in the third quarter of 2011 to US$189 million in the review period, but operating revenue dropped by six per cent, from $300 million to $283 million.