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Jamaica Teas earnings up — despite estimated loss of $28.5 million on supermarkets

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For the financial year ended September 30, 2016, Jamaica Teas Ltd (JTL) group showed improved earnings of 43 cents per share up from 21 cents during the 2015 financial year.

The company in its financials states a loss on discontinued operations of $28.57 million for the period. Of that amount $10.71 million is assigned to JRG Shoppers Delite Enterprise Ltd and $17.86 million to Bay City Foods Ltd, both supermarkets for which the company signed agreements for sale in September last year.

A gain of $3.61 million on the enterprises was subsumed in the year’s expenses for the two supermarkets.

JTL jettisoned the loss-making enterprises as it moved towards the end of its financial year in September.

Published in the Observer
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