Joanna Banks appointed CEO of PanJam loopjamaica.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from loopjamaica.com Daily Mail and Mail on Sunday newspapers.
Vishnu Muppuri, Executive Director and COO of Indies Pharma Jamaica Limited, says a surge in the company’s liabilities is linked to its plans for growth in the new financial year.
The company’s revenues for the period ended October 31, 2020, were J$765.9 million, up five per cent or J$36.5 million over the corresponding period in 2019. Net profit increased to J$199.1 million, an increase of 46.3 per cent over the previous year.
However, long-term liabilities over the period surged to J$882 million, which Muppuri said was due mainly to the company securing a bond which was used to repay the loan of J$398 million used for the purchase of land for the construction of its new corporate office.