Jamaica Broilers Group wishes to inform its shareholders that, due to the recent reduction in US Ethanol Market Price and subsequent events directly related, the projected profits of the Ethanol Division will not be realized for the 2nd Quarter, and this will consequently affect the Group’s overall performance for the quarter by approximately US$ 3M.
Profits for the 3rd Quarter could also be adversely impacted if the US Ethanol Market price does not improve.
JBG remains confident that the investment in Ethanol production is sound and will provide shareholders with increased returns in the future. This confidence was further confirmed during recent negotiations in Brazil, with suppliers, who have agreed that purchases of raw material will be more closely linked to US market prices.
