Lumber Depot has reported net profits of $69 million for the six months ended October 31, generated from revenues of $772 million, as the company continued to perform solidly despite challenging economic conditions.
In a report to shareholders, the board said the business remained strong and highly competitive, though prevailing economic circumstances allowed only marginal increases in sales and gross profits compared with the prior year.
The improved operating performance was, however, more than offset by the application of a $10 million income tax charge during the period.
This follows the expiration of the company's five-year tax exemption after its listing on the Junior Market of the Jamaica Stock Exchange.
There was no tax charge in the corresponding period last year, and the company is now subject to taxation at 50 per cent of the standard corporate tax rate.
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