Blue Power Group reports increased third quarter profit

Blue Power Group is reporting more profit in its third quarter ended January.

Net profit for the three months amounted to $17.95 million, compared to $12.4 million for the similar period in 2022.

Total revenues for the year improved to $193.7 million versus $135.4 million for the corresponding period last year.

Blue Power Group says it is steadily recovering from disruptions in the global supply chain and increases in the price of raw materials.

The company says it has been able to increase inventory levels to manage supply chain disruptions, and it expects to be able to sell off these excess goods as supply and demand conditions improve.

Blue Power says it remains optimistic about its competitive position and growth prospects in Jamaica and the opportunity to develop new export markets.