Courts Jamaica Limited has recorded flat six-month profits of $384 million to October 1, 2006, compared to the year prior period on revenues of $2.9 billion.

The furniture company, Jamaica's largest, did only $57 million or two per cent more in sales compared to its first six months in 2005, $27 million of which was eroded by increased cost of sales that grew to $1.75 billion in the reporting period.

Earnings per share was flat at 16.1 cents.

Expanded hire purchase receivables

Courts assets grew by $1.1 billion to $8.43 billion, boosted by expanded hire purchase receivables, and plant and property value.

Its hire purchase portfolio stood at $4.6 billion, a 4 per cent growth, said managing director Hayden Singh in his report to stockholders appended to the financials.

Courts wrote $845 million in new hire purchase contracts in the six months to October 1, its figures show.

Now in its third and traditionally most profitable Christmas quarter, the furniture retailer has renovated its store on King Street, downtown Kingston, to give it larger and improved display areas in anticipation of more vibrant customer traffic.

Singh said too that the company would be opening a new store, adding to its network of 27.

The update on the "possible" sale of Courts Jamaica by its U.K.-based parent Courts Plc (in Administration) was unchanged since July, when the company advised that "negotiations are continuing" and that the timetable remained uncertain and could be protracted.

- lavern.clarke@gleanerjm.com