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GraceKennedy reports decline in first quarter profit

GraceKennedy Group has released first quarter results which show a decline in profit.
 
For the three months ending March 31, net profit amounted to $1 billion, representing a decline of 22.6 per cent or $296.3 million when compared with the same period in 2018.
 
However, GraceKennedy's revenues were up four per cent at 25.9 billion.
 
The Food Trading segment recorded improved revenue but profitability declined. 
 
GraceKennedy says this was due, primarily to the performance of Grace Foods UK and the delay in the start of production at its manufacturing plant at Denbigh, Clarendon, which impacted supplies. 
 
The Banking and Investments segment reported an increase in pre-tax profit. 
 
First Global Bank recorded increased profitability and growth in its loan portfolio, driven in part by the automation of elements of the loan process, facilitating improved turnaround times and efficiencies.


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