JA Broilers’ earnings drop by almost $1B

A cutback in production at its ethanol plant is being blamed for the near $1 billion plunge in earnings at Jamaica Broilers Group.

The sharp decline occurred during the quarter ended July.

Jamaica Broilers earned $4.9 billion during the three months; down from $5.9 billion during the corresponding period last year.

The company’s just released financial statements show its ethanol division had a $1.2 billion fall in revenue, due to significant reduction in activities.

As a result, Jamaica Broilers managed to earn $219 million in profit for the three months.

This was a near 50% decline from the $430 million reported during the May to July quarter last year.