Selvin Bradley of Eltham, near Ocho Rios in St. Ann, lives in a two-bedroom house with only standard electrical appliances such as a refrigerator, fan, radio and a television set. His electricity bill from the Jamaica Public Service Co. (JPSCo.) is usually in the region of J$3000 to $6000 per month, so imagine his shock recently when JPSCo. sent him a bill for $168,251.95 (approx. US$1900).
Initially, a spokesperson for the JPSCo. had said that the customer was being billed for electricity that was not registered on the meter, or “under-registration”. Subsequent to this however, checks by JPSCo. technicians have revealed that faulty wiring at the premises led to the high meter readings. The JPSCo. said that because of the faulty wiring, there were spikes in the meter readings, even while all appliances in the house were unplugged.
Although Caribbean Cement Company posted an increase in revenue for the nine-month period ended September 30, 2009, it was insufficient to offset steep interest expenses and soaring foreign exchange losses. As a result, Caribbean Cement Company swung to a loss of J$0.09 per share from earnings per share of J$0.25 year-over-year.
In Q03 2009, loss per share widened to J$0.34 from J$0.07 year-over-year. Carib Cement is still strapped for cash, as seen with its negative cash and cash equivalents balance of J$82.73M at the end of the period.
Jamaica’s leading poultry producer, Jamaica Broilers Group Ltd., wowed investors with stellar results for the first quarter ended August 1, 2009. Jamaica Broilers Group’s earnings per share more than doubled to J$0.36 from J$0.15.
All segments improved, especially the ethanol division, which contributed over 50% to net income. Profits from ethanol more than doubled and the poultry division also saw its earnings jump 22.73%. Additionally cost cutting measures bolstered the company’s bottom-line as distribution and administrative costs remained relatively flat.
Desnoes & Geddes Ltd. (D&G) announced a solid performance for its 2008/2009 fiscal year through June. D&G, the maker of the world-famous Red Stripe Beer, said its results were boosted by significant growth in export volumes, higher prices and the devaluation of the Jamaican dollar against the United States’ currency.
D&G’s continued focus on cost efficiency, especially with regard to market cost, augmented profits. Earnings per share (EPS) grew 48.8% to J$0.55 from J$0.37 for the year, with J$0.16 earned in the fourth quarter.
Caribbean Cement Company (Carib Cement) posted a 21.1% decline in Earnings Per Share (EPS) for the 1st quarter period ended March 31, 2009. Its EPS fell from JMD 0.19 to JMD 0.15 for that quarter.
Undoubtedly, Carib Cement seems to be pressured by declining construction demand, as cement sales fell 3.9% to 190.9 mm (cement tonnes). The Company was unable to cut its finance costs which leaped to JMD 234.5M from JMD 11.44M; this as foreing exchange translation losses significantly affected its operations. The devaluation of the Jamaican Dollar also hit the company hard, leading to its decline in profits for the period.
