Stock Market update DIH remains at $4.4 Session 68 trading results showed a consideration of $215,383 from 25,525 shares traded, compared to the previous week's result of 6,050 shares at a total consideration of $52,440. Four (4) stocks were active this
Demerara Distillers Ltd's (DDL) interim figures show sharply higher borrowing while profits before tax and interest were up 11% to $704M.
Long-term debt increased by $560M, from $1.6B at the end of 2003 to $2.16B as of June 30, 2004. The company's bank overdraft has increased from $1.073B(end of 2003) to $1.18B and its current portion of interest bearing borrowings stood at $479M ($501M at the end of 2003). In June 2002, the company had a net overdraft position of $278M, increasing to $496M as of December 2002, and then to $615M in June 2003. Investments in property plant and equipment increased year on year from $4.92B to $5.9B and inventories also increased from $4.71B to $5.17B. Inventory had moved from $4.1B as of June 2002 to $4.5B at December 31, 2002.
Cash generated from operations amounted to $598M for the period to June 2004; net cash provided by operating activities after interest and taxes amounted to $107.9M as compared to $277.5M for the same period in 2003. Taxes paid amounted to $344M for the period as compared to $91.8M.
One drag on the group's profits is associated company, BEV Processors which saw a half-yearly loss of $12M. This compares to a profit of $29M for the same period of 2003 a turnaround of $41M. Overall turnover increased to $4.72B from $4.69B in June 2003. Net profit after tax and minority interest increased to $404M from $392M for the same period in 2003. Earnings per share stood at .52 up from .51 for the same period in 2003.
In his Chairman's statement, Yesu Persaud said the company "faced many challenges during the half year, most notably the escalating cost of fuel and increased international freight rates which eroded cost savings from initiatives introduced...Bev operated in a very difficult environment where market prices for shrimp declined and fuel costs increased thereby affecting their results for the period."
Notes 1 - Interim results 2 - Prospective EPS: earnings per share for 12-month period to the date the latest financials have been prepared. These include 2002 for CCI; 2003 year end for DDL, DTC and GSI and 2004 Interim results for CBI, DBL, NBI, DIH, JP
The interim report also broke down the gross revenue into dometic and foreign categories which show that for the half-year domestic revenue was $3.25B and foreign revenue $1.47B. Trading revenue was $1.04B; manufacturing revenue was $3.38B and revenue from services was $291M.
Section 7.1 (a) of the Securities Industry Act regulations states that the "issuer should publish in at least two daily newspapers an announcement..." containing the interim report... "the day after approval by or on behalf of its board of directors." The interim results were approved on August 12 and were published on October 10.
Section 7. 2 (n) also requires a statement at the end of the six monthly period showing the "interests of each director and chief executive of the issuer, and of their associates in so far as is known ...in the share capital of the issuer and its subsidiaries; the statement shall distinguish between beneficial and non-beneficial interests and specify the company in which shares are held and the number of such shares." These are included in the interim report sent to shareholders but were not published in the newspapers.
Stabroek Business has asked DDL for a response to a number of questions on the interim figures and we hope to carry their responses in next week's edition.