Jamaican baking company Honey Bun Limited (HONBUN) on Friday (February 14), reported an unaudited after-tax profit of $49.1 million for the first quarter ended December 31, 2019. This represents a 29 per cent increase when compared with the previous corresponding period.

According to Chief Executive Officer Michelle Chong, in the company’s unaudited financial report to shareholders, HONBUN’s had a strong first-quarter performance relative to the previous corresponding period.

For the quarter under review, the company’s revenues of $422.5 million were up 14 per cent over the prior corresponding period, due to increased capacity and new markets penetration, while the operating expenses were $155 million, a 15 per cent increase. This was driven mainly by increased marketing activity expenses.

Chong further added that exports continue to grow, which contributed to a 149 per cent increase in revenue over prior corresponding period.

At the end of the period under review, HONBUN’s total non-current assets stood at $612.6 million, a $34.5 million increase over the previous corresponding period. This was primarily due to property plant and equipment expenses.

Total cash and cash equivalents were $245.7 million or $119 million over prior corresponding period, while shareholders’ equity closed at the period under review at $780.6 million or 19 per cent over prior corresponding period.

In November 2019, HONBUN launched The Honey Bun Foundation, with the mission to support small- and medium-sized enterprises and the creative sector through the development of strategic business models. The first business model, a national training platform, is currently underway.

Earnings per share for the period under review closed at $0.10, an increase compared with the $0.08 recorded in the prior corresponding period.