Furniture-making business JFP Limited has reported profit for the second-consecutive quarter, after racking up losses last year due to challenges from stretched job contracts and outstanding tax obligations.

Profit for the second quarter was $9.5 million compared to a net loss of $38.4 million the company reported for the corresponding period last year. Quarter-on-quarter, JFP’s earnings are also up 150 per cent, which suggests that some of the headwinds faced by the company last year might be coming to an end.

The surge in profit was facilitated by rising sales and lower administrative costs.

“Revenue increased by 89 per cent from $74.3 million to $140.4 million compared to the corresponding quarter last year. Administrative expenses decreased by 16 per cent from $53.3 million to $44.6 million due to settlement of a tax liability which resulted in reversal of accrued interest,” the business, which is headed by Metry Seaga, said.

Further, selling and distribution expenses declined by 23 per cent from $3.7 million to $2.9 million due to reduction in business and product development expenses compared to corresponding period last year, the company said.

Last year, the company was vocal about volatility in its sale numbers, but said it was looking for growth this year from enhanced export opportunities and strategic local contracts to bolster its market presence.

Among its recent achievements JFP secured a significant contract from Decameron Hotel for the construction of 144 pieces of furniture along with a new contract with American-based restaurant chain PF Chang.

Earlier this year, the company shipped two 40-foot containers of furniture for the opening of PF Chang’s restaurant in Guyana. JFP is actively expanding its presence in Guyana while also seeking to deepen its business in the U.S.

JFP offers a wide range of products made from various materials, including wood, metal, solid surface, acrylic, and diverse upholstery types. Its manufacturing capabilities extend to producing furniture for offices, hotels, restaurants, laboratories, and schools, as well as point-of-sale items. Notable clients include KFC, Pizza Hut, Digicel, S Hotel Montego Bay, AC Hotel by Marriott, Sangster International Airport, and the Government of Jamaica.