Scotia Group Jamaica Limited (SGJ) has responded to an Article in the Financial Gleaner dated December 2, 2016, entitled “Scotia Group underperforms for Canada, blames currency movements”, with the following statement:
“The Article has attempted to forecast the year end results of Scotia Group Jamaica Limited (SGJ) from a review and extrapolation of information in the Annual Report of its parent company, The Bank of Nova Scotia, Canada (Scotiabank) released earlier this week.
“It would be incorrect to draw conclusions about the financial performance of Scotia Group Jamaica Limited from the parent company’s Annual Report for the following reasons:
• “For consolidation purposes Scotiabank reports in Canadian dollars and any movement in currency would be incorporated in those results;
• “There are timing differences in the treatment of certain items under Canadian accounting standards versus Jamaica accounting standards.
“Scotia Group Jamaica Limited is currently in the quiet period. It is therefore unable to comment on upcoming financial results, in advance of its release to the Jamaica Stock Exchange.”
