Local electrical and PVC manufacturing company FosRich is reporting a higher profit of 44.89 million for it second quarter ended June 2024.
In the comparative period ended June 2023, the company made $40.77 million.
This was supported by lower costs associated with sales, along with increased "other income".
However, for the six months ended June 2024, FosRich made lower post tax earnings of $77.88 million compared with the $162.5 million last year.
This was in the context of lower overall revenues and higher finance costs.
In the second quarter, FosRich saw lower revenue of $884.63 million, versus the $940.85 million made in the second quarter last year.
During the second quarter, FosRich says it acquired Bayside Hardware in Montego Bay, and it opened a new location in Drax Hall, St. Ann.
The construction of its new FosRich Superstore & Corporate Offices at 76 Molynes Road is projected to be completed in the current Juy to September quarter.
Fosrich says the current-year's numbers are affected by the substantial fall in PVC and solar panel cost on the world markets, in addition to the slowness in housing-starts locally.
This is linked to higher interest rates.
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