THE Jamaica Broilers Group (JBG) has more than doubled its profit earnings to $405 million for its third quarter ending January.

Concurrently, the company continues to see positive performance from its US operations, with segment results reflecting an improvement in year-to-date performance at $773 million compared to the $283 million the Group made over the same period last year.

“We recorded profits attributable to stockholders amounting to $406 million, which equates to earnings per stock unit of 33.83 cents, a 115 per cent increase against the $188 million or 15.72 cents per stock unit in the corresponding period last year,” Christopher Levy, president and chief executive officer of JBG, stated in the company’s unaudited report to its shareholders.

“The year-to-date position amounting to $622 million (51.86 cents per stock unit) is $110 million, 21 per cent above the $512 million (42.71 cents per stock unit) last year,” he added.

Haitian egg market

JBG’s US operations involve the production and sale of fertile eggs and procurement services for customers in North America, Central America and the Caribbean. The company has also expanded its operation into Haiti, which accounts for up to 18 per cent of its table eggs market.

Revenues from US operations grew to $4.8 billion, up from the $4.6 billion the company made over the six-month period ending November 2014. Other operations, including Haiti, showed total revenue of $1.7 billion for the quarter under review.

Operations in Jamaica have performed as anticipated, given the market environment which has resulted in depressed consumer demand and lower disposable incomes, Levy stated, which ended at $1.297 billion, reflecting only a two-per cent increase over the $1.270 billion recorded a year earlier.

“Revenues from the fuel terminal operations at Port Esquivel were booked in this quarter in respect of a short-term contractual arrangement. A long-term agreement is being negotiated and prospects look good due to the current shortage of storage capacity for petroleum products,” the CEO added.

The Group’s revenue for the quarter amounted to $9.0 billion which, when compared to the $7.8 billion in the corresponding period last year, represents a 15 per cent increase. Gross profits for the quarter also amounted to $2.20 billion, 38 per cent above the $1.60 billion of the corresponding quarter last year.