KINGSTON, Jamaica — As market risks heighten in the global landscape, Pan Jamaica Group Limited (PJAM) has placed greater emphasis on governance and diversification to weather what is turning out to be an unprecedented year.

“At Pan Jamaica Group we’ve stepped back at this moment in time and taken account of the risks in the environment. This, in some respects, is not an ordinary time, and if you’re going to put your capital with us, we feel it is particularly important that we acknowledge where we see risks right now,” said Jeffrey Hall, PJAM CEO and vice-chairman, on Thursday.

Hall’s comments came against the backdrop of a first quarter in which consolidated revenue grew 14 per cent to $11.13 billion, but reduced bottom line earnings. That was manifested by increased geopolitical, environmental, and financial market risks across the globe which translated to a 56 per cent cut in consolidated net profit from $2.11 billion to $924.47 million for the period ending March 31. The net profit attributable to shareholders declined 71 per cent to $487.26 million.