Salada Foods Jamaica Limited for its second quarter or six-month period ended March delivered increased net profits of $64 million, an over 450 per cent increase when compared to the $11.7 million achieved for the corresponding period last year following the outbreak of the novel coronavirus pandemic.

The company said that the performance was also driven by a three per cent increase in revenues which totalled $579.3 million at the end of the period. Exports, which also contributed to some 22 per cent of revenues, performed well for the business especially within the New York tristate areas and South Florida.

“For the three months ended March 31, Salada saw strong demands for its products both locally and overseas. This along with some reduction in the cost of raw material inputs translated into a very good quarter.

“The launch of our Jamaica Mountain Peak ginger and turmeric instant teas in the first quarter of this fiscal year continues to enjoy a favourable response from both domestic and export markets,” the company’s directors said in its most recent quarterly report.

For the reporting period, Salada said that its operating profit improved by 54 per cent to total $80.7 million versus the 52.3 million last year due to increased sales and lower priced coffee beans along with a $12.3 million reduction in expenses.

The company, however, said that despite the disruptions to global supply chains along with the sliding of the Jamaican dollar worsened by the ongoing pandemic, it will continue to monitor the current environment as it deploys risk mitigating strategies.

“Export sales are expected to remain buoyant, ameliorating some of the impacts of the devaluation,” the company also noted.

Following a 10-to-1 stock split by the company at the end of the six-month period, earnings per share adjusted to $0.06 down from $0.11 in the prior year. The stock on Monday closed at $7.27 up 5 cents.