Business

$40.76 million second quarter after-tax profit for CAC air conditioning and energy solution experts

BY ABBION ROBINSON
Contributor

Wednesday, June 19, 2019

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Air conditioning and energy solution experts, CAC 2000 Limited, reported on Friday (June 14) a $40.76 million after-tax profit for the period ended April 30, 2019 (second quarter), despite disruptions from the road repairs along Marcus Garvey Drive in Kingston.

Chairman and chief executive officer, Steven Marston, in reporting to stockholders on the second quarter, said revenues were $350.6 million, a significant increase when compared to the $166.4 million achieved in the corresponding period in 2018.

He added that the quarterly profit had restored the company to a profitable position.

“We have a respectable open job portfolio and anticipate winning more jobs in the third and fourth quarter,” Marston said. “As a result, we continue to forecast a profitable end of year position.”

Marston informed that while cash inflows are still being affected by the road repairs, continued efforts to reduce inventory and accounts receivables from 2018 year-end balance have been successful.

“We have had to continue utilising our bank facilities but have still managed to increase our cash on hand from both the previous quarter and the 2018 year-end,” Marston informed.

As for the road repairs and its impact on the company, Marston indicated that the air conditioning entity has made attempts to contact the Office of the Prime Minister on the matter.

“We continue to press the Office of the Prime Minister, through the PSOJ Private Sector Organization of Jamaica, to consider various forms of compensation for those companies that have been negatively affected by the various roadworks simultaneously taking place in Kingston,” Marston shared.

“While the GOJ has projected completion of this project for end of June 2019, based on our daily experience from the construction zone , we expect that our operations will continue to be affected for the remainder of the financial year, but we will be able to operate normally, and in some ways even better, next year.”


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