Strengthening dollar causes Mayberry losses

[Lazie]

The revaluation of the Jamaican dollar against the US currency is being blamed for the financial loss suffered by Mayberry Investments during the second quarter of its financial year.
During the three months ended June 30, the firm suffered a $10.9 million loss.
It recorded a $16.9 million profit during the corresponding period last year.
Net income also declined by $57 million to $70 million.
Mayberry says sharp movement in the currency market coupled with its decision to hold foreign currency securities resulted in the poor results.

http://rjrnewsonline.com/business/st...ayberry-losses

[Me]

Net Income declined to $70 million, but the firm suffered a loss?

[Mosiah]

decline = loss. DUH!

[Me]

During the three months ended June 30, the firm suffered a $10.9 million loss.
It recorded a $16.9 million profit during the corresponding period last year.

[Mosiah]

what?

[Me]

It had a $10.9 million loss for this quarter but a $16.9 million profit for the same quarter last year.
Then they say Net Income declined by $57 million to $70 million.

Is the first line simply trading results? Is the Net Income number referring to revenue in stead of Net Income? Is the Net Income for the full year to date instead of quarter. The article is not clear on what it is saying.

[Gamma]

mayberry itself has not been very clear to me either......

[Islandman]

Sounds like gross income for the quarter.

[Me]

I am thinking that is probably the case also based on the size of the number.

[Assasin]

that is how the reporters are reporting. I guess them nuh know what a smaller profit is. Them make a profit but still make a loss.LOL.'' and do they even consider the appreciation means less Jamican dollars but maybe similar value?

[Me]

Have to wonder if is even a reporter put that out.

[Assasin]

I have seen it at least 2 times talking about loss in the same sense. At least once more on RJR website.