JP Santos and Company Limited had a net pre-tax profit of $61.6M out of total revenues of $769M for the half-year ended June 30.
This was disclosed in the company's interim financial report published in the press last week.
Chairman Chris Fernandes said in his report that the group's revenue saw an increase of 16.6%, up from $660M. Fernandes said the increase was mainly due to the improved performance of the group's two supermarkets. Profit after tax was $43.4M as compared with $38.1M for the same period in 2003, an increase of 13.9%.
Earnings per share was $1.97 compared with $1.71 for the same period in 2003. Shareholders' equity increased to $360.2M for the period under review while for the same period last year it was $313.4M.
Cost of sales in the first six months of 2004 was $638M while for the same period last year, it stood at $544.2M.
Taxation stood at $18.2M while for the same period last year it was $17.2M. The group's administrative expenses amounted to $65.8M as compared to $57.3M.
Profit from operations for the first half of 2004 amounted to $30.4M while for the same period last year it was $27.2M.
Fernandes said that the directors expect the results of the ensuing six months to reflect the same trend of growth despite the economic and social environment that the country faces.