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Lascelles annouces retirement of directors Published: 31 March 2011

The Board of Directors of Lascelles, deMercado & Co. Limited (LAS) has announced the respective retirements of its Group Managing Director, the Hon. William McConnell, and its Group Finance Director, Mr. Anthony Bell, both effective June 30, 2011.The Company further announced that the successors to their positions will be announced in short order.

 

GHL declares dividends to shareholders Published: 31 March 2011

The Board of Directors of Guardian Holdings Limited (GHL) has declared a dividend of TT$0.33 per share payable on April 29, 2011 to shareholders on record as at April 12, 2011. The ex-dividend date is April 8, 2011.

JMMB declares dividends to shareholders Published: 25 March 2011

Jamaica Money Market Brokers Limited will pay dividends of $0.021875 per share and $0.024792 per share on its 8.75% and 8.50% preference shares respectively on April 7, 2011 to shareholders on record as at March 25, 2011. The ex-dividend date is March 23, 2011.

CCMB declares dividends Published: 25 March 2011

The Board of Directors of Capital & Credit Merchant Bank Limited has declared a dividend of $0.06 per variable rate preference share payable on April 13, 2011 to shareholders on record as at March 29, 2011. The ex-dividend date is March 25, 2011.

JBG has declared dividends to shareholders Published: 24 March 2011

The Board of Directors of Jamaica Broilers Group Limited has declared an interim dividend of $0.10 per share payable on April 29, 2011 to shareholder on record as at April 6, 2011. The ex-dividend date is April 4, 2011.

 

Gleaner reports improved earnings; core earnings still weak Published: 18 March 2011

Gleaner Company Limited reported net profit of $430.6Mn (EPS: $0.36), a considerable improvement over the $208Mn (EPS: $0.15) recorded in 2009. The performance during the year does not reflect that continued challenges that the company faces such as growing revenues. Revenues fell 3% during the year but were tempered by marked reduction in all expense categories. The company’s performance was driven primarily by pension income which is not core to its business. Excluding this from the financial statements would have shown net profit of $152.Mn. Going forward, we anticipate that the company will continue to face similar challenges especially given the fact that higher oil prices on the international market will make it more challenging to control costs.

PCFS ekes out marginal growth in earnings for 2010 Published: 16 March 2011

Pan Caribbean Financial Services (PCFS) recorded a marginal 3% growth in earnings during the 2010 financial year. PCFS earned profit of $1.5Bn (EPS: $2.78) compared to $1.47Bn (EPS: $2.70) in 2009. The performance was driven by a 4.8% growth in net interest income as well as a 21% increase in net fee and commission income. Operating expenses grew by just 6.7%.

CCFG records flat earnings for 2010 Published: 16 March 2011

Capital and Credit Financial Group (CCFG) recorded net profit of $288Mn ($0.31) for the 2010 financial year ending December 2010. This was fairly in line with what the company reported in 2009. The performance was aided by the recognition of net gains on securities traded but thwarted by the reduction in fee and commission income. On the costs side, the group has seen a reduction in staff costs as well as a decline in loan loss expenses. CCFG will need to improve efficiencies as it has the second highest cost to income in the industry of 73%.

MIL records a 25% fall in net profit Published: 16 March 2011

Mayberry Investments Limited (MIL) recorded a 25% decline in earnings to $174.5Mn (EPS: $0.15) for the financial year ended December 2010. The company was significantly impacted by foreign exchange losses during the year of $235Mn compared to gains of $268.2Mn in 2009. However, a significant increase in fee and commission income given that the company has been the lead broker for several junior market listings as well as higher trading gains on fixed income securities helped to temper some of the impact. MIL’s cost structure though is cause for concern with a cost to income ratio of 82% - the highest in the brokerage industry. Therefore, in an environment in which there are significant pressures on revenue, the company will need to improve on operational efficiencies to become more competitive within the industry.

SDBG sees profits slip 14% for Q1 Published: 16 March 2011

Scotia DBG also reported lower earnings in the first quarter. The group recorded a 14% decline in net profit to $467Mn ($1.10). Of note, the comparative quarter reflected pre JDX earnings and as such, the significant decline in yields on the securities portfolio since then has weighed on the company’s performance. Net interest income fell 27% to $730Mn. SDBG however continues to reap the benefits of growth in non interest revenue through it’s off balance sheet products and the trend should continue over the subsequent quarters. Furthermore, the group saw a reduction in costs during the quarter reflecting lower staff costs along with a general decrease in other operating expenses.