May 19, 2009 0
Kingston Wharves Reports Loss
Kingston Wharves Ltd.’s results for the three months ended March 31, 2009 (Q01 2009) were weak, as the Jamaican dollar devalued which led to a jump in finance costs. The company posted a loss per share of J$0.13 vs. earnings of J$0.09 per share (yoy). Domestic tonnage dropped 38.09% to 336,526.
Kingston Wharves’ Chairman & CEO, Grantley Stephenson, expressed that he is not confident that it will be revived this year, however, they are looking at ways to minimize costs and intensify their marketing efforts. Kingston Wharves’ stock has fallen 50% year-to-date.