2 jamaica money market brokers limited annual report ... - Jmmb.com

DIRECTORS’ REPORTThe Directors are pleased to present their report for the thirteen-monthperiod ended March 31, 2004.Operating Results• Net Interest Income and other Operating Revenue of the Group was$1.99 billion, reflecting a 30.86% increase over last year.The Board of Directorsas at March 31, 2004:Dr. Noel A. LyonChairmanMr. Archibald A. CampbellDeputy Chairman(Appointed February 17, 2004)Mrs. Donna Duncan-ScottManaging DirectorMr. Keith P. DuncanDeputy Managing DirectorMr. Dennis L. HarrisMr. V. Andrew WhyteMr. Wayne SutherlandMr. Richard J. TrotmanMs. Marguerite OraneMr. Cedric StewartStaff Director/ESOP Representative(Appointed March 13, 2004)Mr. Duhaney A. SmithCorporate Secretary• The Profit of the Group before income tax was $1.5 billion, an increaseof 62.5% over last year.• The Net Profit of the Group after income tax was $1.5 billion, an increaseof 49.0% over last year.With the adoption of International Financial Reporting Standards (IFRS),the 2003 net profits were restated from $900.5 million to $1,038.3 million.Dividends The Directors recommend that the interim dividends paid onDecember 10, 2003 and on June 30, 2004, be ratified and declared as finaland that no further dividend be paid in respect of the period under review.In accordance with Article 105 of the Company’s Articles of Association, theDirectors retiring from office by rotation are: Mr. Archibald Campbell, Mr.Dennis Harris, and Mr. Wayne Sutherland, who, being eligible, offer themselvesfor re-election.Mr. Cedric Stewart, having been appointed to the Board since the last AnnualGeneral Meeting, shall retire, and, being eligible, offer himself forre-election.Auditors Messrs. KPMG Peat Marwick, the present Auditors, will continuein office pursuant to Section 153 of the Companies Act, 1965.The Directors wish to express their thanks to all team members for the workdone during the period, and to clients for their continued support.By Order of the BoardDated this 24th day of June, 2004Duhaney A. SmithCorporate Secretary8 JAMAICA MONEY MARKET BROKERS LIMITED ANNUAL REPORT 2004