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AMG Packaging profit climbs during COVID

AMG Packaging Limited managed to improve profit to J$37. 82 million for the nine months ended May 31, 2020, compared to J$35.89 million in the similar period, despite a downward trend in turnover.

AMG Pakaging’s profit improved to just below J$38 million for the nine-month review period. (Photo: Facebook/AMG Packaging)

Total revenue for the nine-month period fell nine per cent to J$533 million, this compared to inflows of J$581.6 million for the period in 2019.

While turnover has been affected in the last quarter, the company has benefitted from a falloff in manufacturing costs, which for the nine months ended last May was J$399.12 million compared to J$462.25 million for the same period in 2019.

Meanwhile, administrative and other costs have also increased at a slower rate especially for the third quarter when the change was a three per cent uptick from $27 million to $28 million.

Manufacturing costs at AMG Packaging dropped to $170.88 million for the period.

For the review period, administrative and other costs totalled $93.38 million, compared to $$85.7 million for the nine-month period to May 2019.

For the third quarter, turnover slipped downwards to $170.88 million, from $199.91 million last year.

However, manufacturing costs were also lower, moving 7.98 per cent down from $155.05 million in 2019 to $124.55 million at May 2020.

For the period, net profit was $16.74 million compared to $14.29 million for the similar period in 2019.

Managing Director of AMG Packaging, George Hugh, said the company is making adjustments in to operations to balance the impact of covid on its business.

AMG Packaging is a manufacturer of boxes for packaging located at 10 Retirement Crescent in Kingston, Jamaica.