Adverse weather hits Berger profits


Adverse weather hits Berger profits

Friday, November 15, 2019

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Berger Paints Jamaica Limited (BPJL) reported on Monday an unaudited after-tax surplus of $40.2 million for the nine-month period ended September 30, 2019, despite a seven per cent decrease when compared with the corresponding period in 2018.

Chairman Adam Sabga in reporting to shareholders, indicated that revenues for the period under review amounted to $1.6 billion, a six per cent decrease over the comparative quarter of 2018, which recorded $1.7 billion.

This he said was mainly impacted by the adverse weather conditions experienced in the quarter, which resulted in delays in construction projects.

BPJL's operating expenses for the nine months totalled $778 million, a 5 per cent decrease when compared with the $817 million recorded in the corresponding period last year.

Sabga further noted that during the quarter under review, BPJL implemented a new information technology platform — Microsoft Dynamics D365O, which is geared at improving efficiencies and productivity over the longer term.

“We also welcomed a new general manager, Shashi Mahase, former general manager of Berger Barbados, who we expect to reprise his successful performance. He replaces Barrington Graham, who resigned effective October 29, 2019,” he added.

BPJL's cash resources for the nine-month period stood at $435 million, up by $120 million or 38 per cent compared to the corresponding period last year.

“We continue to maintain adequate liquidity levels to enable us to respond effectively to changes in cash flow requirements. As we enter the busy season, we anticipate the usual uptick in sales, which together with efficiencies being derived, should positively impact our [quarter four] performance,” Sabga stated.

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