November 3, 2015
Jamaica Public Service made US$12.6 million net profit for its September quarter 2015 or four times higher than a year ago.
The utility, majority-owned by Asia-based interests, benefited from higher gross profit in the quarter. The reduction in the price of oil year on year actually reduced its total revenues to US$196 million from US$265 million a year earlier. However, its expenses dipped at a faster level.
Interestingly the company’s cashflow and equivalents dropped to US$3.3 million from the US$12.7 million a year earlier due to higher cash used in financing activities.