GK Profits in a Downswing for Q1

• GraceKennedy’s profits contracted moderately for the first quarter of 2019. The company reported an unaudited net profit of $1.02Bn (EPS: $0.90) down 22.6% from the $1.3Bn (EPS: $1.20) reported in the corresponding period of 2018.
• The deterioration in performance comes on the back of a decline in other income (down 57.2%) coupled with an increase (up 60%) in interest expense and operating expenses (up 3.6%).
• The stock has fallen 3.51% since the start of the calendar year. GK closed yesterday’ s trading session at $61.27 and currently trades at a P/E of 12.90x earnings which is below the Main Market Distribution and Manufacturing average of 18.50x.

(Source: GK Financials)