Revenues climbed 15 per cent for Fontana Limited at the end of the December 2019 quarter due to the positive contribution of its new retail location in Kingston. Net profit also surged 21 per cent for the period.
Fontana—a pharmacy and retail chain with five stores in Kingston, Montego Bay, Ocho Rios, Mandeville and Savanna-La-Mar—opened its sixth and largest in Waterloo Square, Kingston in October 2019. The company has expanded to include housewares, beauty and cosmetics, home décor, toys, electronics, souvenirs and other products.
Revenues through to December 31, 2019 was J$2.32 billion compared to J$1.92 billion in December 2018. Citing the contribution of the Waterloo store, company Chairman Kevin O’Brien Chang reported in the company’s latest financials $1.3 billion in revenues for the quarter, compared to $1.07 billion in the December quarter 2018. Chang noted that the company was named the best performing stock on the Jamaica Stock Exchange for 2019 with capital gains of 273.5235 per cent.
Net profit for the six months to December was J$213 million compared to J$174.9 million in the comparable period in 2018. Fontana posted $3.7 billion in revenues at year-end June 2019. Net profit year-end was $306.6 million.
In statements attached to unaudited financial statements for the quarter ended December 31, 2019, Chang said that “the company recorded its most successful quarter in its over 50-year history of operations with the new Waterloo Square location surpassing planned expectations”.