Jamaican Teas is reporting an increase in half-year profit, supported by stronger manufacturing and real estate performance, despite ongoing economic fallout from Hurricane Melissa.
The company posted net profit attributable to shareholders of $60.7 million for the six months ending March 31, up from $52.9 million a year earlier.
Total revenues for the second quarter rose 21 per cent to just over $1 billion, compared with $826 million in the corresponding quarter last year.
Jamaican Teas says its manufacturing division delivered improved results, with domestic market revenues increasing 35 per cent during the quarter and 21 per cent for the half year.
The company also reported growth in its real estate division, with sales at the Belvedere housing development rising 11 per cent for the half year.
Meanwhile, the retail division recorded slower growth due to reduced supplies of bananas and plantains following damage to the agricultural sector caused by Hurricane Melissa.
The company's investment arm, QWI Investments, reduced its losses significantly during the quarter.
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