Securing Your Future Is Our Main Investment

Updated: 27-03-2024 - 12:00PM   8 7 CLOSED

Financial News

Feb 2008 Financial News

JMMB Releases Nine Months Results

Feb 25, 2008

Results for the Nine Months Ended December 31, 2007

All figures quoted in Jamaica Dollars unless otherwise stated

Earnings Per Share
For the Nine Months (NM) Ended December 31, 2007, Jamaica Money Market Brokers Limited (JMMB) reported Earnings Per Share (EPS) of 55 cents, up 5.8 per cent or 3 cents on the same period in fiscal 2007. Q308 on Q307, the Group’s EPS grew 15 per cent or 3 cents from 20 cents (Q307) to 23 cents (Q308).

Financials:
• Net Interest Income, up 2.8 per cent or $30.3 million to $1.1 billion.
• Operating Revenue net of Interest Expense totalled $2.3 billion, up a significant 19.4 per cent or $372.7 million. This was due mainly as a result of increases in Net Gains on Securities Trading, Fees and Commissions, and Foreign Exchange Margins from Cambio Trading of 41.1 per cent, 33.0 per cent and 69.4 per cent respectively.
• Share of Profits of Associated Companies stood at $149.9 million, up 15.8 per cent or $20.4 million. However, Q308 on Q307, this figure was down a substantial 31.3 per cent or $30.8 million from $98.4 million (Q307) to $67.6 million (Q308).
• Profit Before Taxation rose 6.3 per cent or $54.2 million from $859.4 million (NM07) to $913.6 million (NM08).
• Profit After Taxation increased 5.8 per cent or $44.1 million to $808.5 million.

Recommendation
The shares of JMMB last closed at a price of TT$0.95 on the local market. We have revised our forecasted EPS for fiscal 2008 downward to TT$0.07 (JMD0.75). At the current price and revised forecasted EPS, these shares are trading at a P/E multiple of 13.6 times. We continue to recommend a SELL on this share.


Nancy Chen
WISE Equity Research Team