The Board of Directors of The Jamaica Livestock Association Limited (JLA) has declared a dividend of $0.035 on its Cumulative Participating Preference Shares payable on March 31, 2011 to shareholders on record as at February 18, 2011. The ex-dividend date is February 16, 2011. At a meeting held on February 8, 2011 JLA appointed Mr. Henry W. Rainford to serve on the Board of Directors.
Cable and Wireless Jamaica Limited reported yet another quarter of losses. For the third quarter, the group recorded net losses of approximately $1.3Bn (loss per share: -$0.07). This is more than three times the net loss of $351Mn ($-0.02) that was recorded over the same period last year. The performance during the quarter now brings net losses for the nine month period to $2.4Bn (EPS: -$0.15). Higher operating costs associated with increased marketing and employee compensation eroded the 9.5% growth in gross revenues. The company is currently in exploratory talks with a global service provider to examine the feasibility of the sale or disposition of the part of the business comprised of its field service operations. Although the ongoing talks are geared at examining opportunities to achieve cost savings and improved customer service, the intense competition in the telecommunications industry is likely to continue to restrict growth in revenues for the company.
The Board of Directors of Carreras Limited has declared an interim dividend of $1.50 per stock unit payable on March 17, 2011, to stockholders on record as at February 22, 2011. The ex-dividend date is February 18, 2011.
The Annual General Meeting of Scotia Group Jamaica Limited will be held on Wednesday, March 2, 2011 at 9:00 a.m. at the Jamaica Pegasus Hotel, 81 Knutsford Boulevard, Kingston 5.
Guardian Holdings Limited (GHL) has advised that Mr. Jamil Kassum has been appointed to the position of Director of GHL effective February 1, 2011.
Pan Caribbean Financial Services Limited has advised that Mrs. Nichole Case has been appointed to the post of Assistant Vice President, Information Technology, effective January 1, 2011.
The Lasco affiliated companies released their results for the nine month period ending December 31, 2010. The performances were mixed. Lasco Manufacturing reported the best performance with net profit jumping 83.8% to 291.2Mn compared to $158.4Mn over the same nine month period last year. Lasco Distributors was another star performer with net profit spiking 76% to $157.5Mn. However, Lasco Financial Services saw net profit fall 28.1% over the nine month period to $28Mn, despite reporting a 41% increase in profit during the quarter.
Barita Investments Limited (BIL) reported an improved first quarter performance.The company recorded profit of $32.2Mn (EPS: $0.07) compared to a net loss of $13Mn (EPS: -$0.03) in the same quarter last year.
The reduction in market interest rates has allowed for a reduction in Barita’s interest cost and a 100% increase in net interest income to $107.8Mn. Growth in net profit was also supported by $11.6Mn in trading gains.
The company has also managed to show cost containment by cutting operating expenses 5.3% to $84.9Mn. Going forward, with little scope for further rate cuts, it may prove challenging to continue growing net interest income, which accounts for 84% of total revenues. Therefore, gains from trading activities and fee income will need to remain buoyant to bolster earnings growth.
The Annual General Meeting of Scotia DBG Investments Limited will be held on Wednesday, March 2, 2011 at 2:00 p.m. at the Jamaica Pegasus Hotel, 81 Knutsford Boulevard, Kingston 5.
Sagicor Life Jamaica Limited (SLJ) and Capital and Advice Limited, S.A., an investment services ompany incorporated in Costa Rica, executed a joint venture agreement on February 2, 2011 to explore the insurance businesses and insurance related services in certain countries in the Central American Region. Under the terms of the agreement, SLJ will provide certain technical expertise, administrative services and operating systems to support the operations. Capital and Advice, with its experience in banking and other financial services as well as commercial operations, will provide marketing know how and local support to the joint venture. The agreement is subject to regulatory approval in the respective territories of operations.