Bakery company Honey Bun posted strong quarterly results this week, validating market confidence in the stock for which the trading price has doubled since January.
On the flip side, the company also announced that it will resume paying income tax, effective June 3, marking the end of its five years of full waivers as a junior market company. It still qualifies for a 50 per cent waiver for the next five years.
Still,the bakery did pay $4 million of taxes over for the half-year period, October 2015 to March 2016 $2 million of which was incurred in the second quarter but did not say why the charge was incurred.
Net profit for the March quarter totalled $49.4 million or nearly two-thirds higher than a year ago. Sales hit some $315 million compared to $248 million a year ago. Half-year sales amounted to $607 million compared to $454 million in the 2015 period, while profit doubled from $47 million to $95 million.
Published in the Gleaner
Read Full Article →