Kuntsford Express Services Ltd is reporting a 43.9% increase in profit for the year ending May 2015 as its profit moved from $50.3m in 2014 to $72.4m in 2015. The organization, which is largely owned by Oliver Townsed, Anthony Copeland, Proven Investment Ltd and Gordon Townsend said there was a $128.5m (39.8%) increase in revenue over the full year period and the increase was primarily due to a growth in passenger travel and courier business.
Growth In Revenue, But Expenses Still Too High
For the 3 months, (March to May 2015) the company made $1.3m in profit, a 5.6% increase over the same period last year, moving from $22.6m in Q4 May 2014 to $23.8m in May 2015. During the fourth quarter there was a 23.0% ($22.1m) increase in revenue however this was not enough to absorb the 30.1% ($21.7m) increase in Administrative and General expenses.
Similarly for the 2015 financial year revenue grew 39.8% while Administrative and General expenses rose 41.7%. The business continues to be saddled with a huge expense bill.
Other Income, Tax Exemption
Additionally in 2014 the business recorded $4.7m in other income compared to a little less than a million in 2015. The $4.7m in other income however was partially offset by tax expenses paid in 2014 (for the June to December 2013 period). The company has since started accounting for its tax exemption status, a benefit of being listed on the junior market of the Jamaica stock exchange.
The company has ended the year with $45.3m of cash in the bank compared to $51.2m last year.