JP Santos grosses $316M profit over January – June 2011

The John Fernandes Ltd subsidiary, JP Santos & Company Ltd, has seen an increase in its gross profit for the half year ended June 2011 compared with the same period last year.

The company’s interim financial report indicates that between January and June this year gross profit climbed to $316,233,257 compared with the $268,199,841 garnered over the period January to June last year.

A comparison of the company’s sales turnover for January to June this year $1.745 billion, with January to June last year $1.509 billion, shows an increase over $200,000 or 15.64%.

For the first six months of 2011 the company reported an increase in both its administrative expenses and its taxes. For the first half of this year the company was required to surrender $61,928,272 to the Guyana Revenue Authority compared with $53,555,733 for the same period last year.

This report was first published in last Friday’s Stabroek Business, but the figures for the year ending December 2010 were incorrectly cited for comparison with the half year ending June 2011. Stabroek Business apologises for the error.

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