Thompson

Seprod Group Limited has been cleared to trade again on the Jamaica Stock Exchange (JSE), effective Friday, July 20, having finally submitted its audited financial statements that had been outstanding for 155 days.

The company, which is led by managing director Byron Thompson, in its financial year ended December 31, 2006, reported significantly depressed profits of $461 million, an erosion of more than 38 per cent of the $750 million net income it reported in 2005.

Much of the fall-off appeared to be linked to its acquisition of Belvedere Farm, which the notes to the accounts suggested had been poorly timed.

Trading in the stock was suspended on May 14 due to Seprod’s failure to provide the JSE with material information, in breach of Rule 407 which deals with the filing of corporate earnings reports.

The company has now provided the JSE with its annual accounts as well as its first-quarter statements to March 31.

The stock did not trade Friday.

Its price remains $16.05.