The John Fernandes Ltd subsidiary, JP Santos & Company Ltd, has declared a sharp reduction in its gross profits for the half year ended June 2011 compared with the previous half year ended December 31, last year.
The company’s interim financial report indicates that between January and June this year gross profits slipped to $316,233.257 from $560,969,771 during the July to December period last year. Declining sales in the last quarter compared with the preceding one are not surprising given the traditional heavy seasonal trading which JP Santos enjoys during the Christmas season.