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GraceKennedy reports dip in profits

GraceKennedy is reporting a dip in profits for the first half of the year.
 
The company recorded a decline of seven per cent compared to the corresponding six months last year.
 
Net profit after tax was $2.27 billion.
 
The company says its results were negatively impacted by a new accounting standard on leases.
 
GraceKennedy says this resulted in an additional expense of $115 million, as well as post-employment benefit expenses increasing by $189 million. 
 
The company says during the first six months of 2019, the volatility in the Jamaican foreign exchange market, particularly the rate for the U.S. dollar also had a negative effect on the group's results when compared to the corresponding period last year.


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