Pan Jamaica Group (PJG) posted higher revenues, but consolidated net profits fell to $924 million, down 56 per cent from a year earlier.

The conglomerate said it will accelerate portfolio adjustments to restore profit growth, focusing on businesses with scale and market leadership potential, and plans to fund expansion partly through a divestment of non-core holdings. Net profit due to PJG shareholders fell to $487 million from $1.7 billion a year earlier, after stripping out the non-controlling interest from consolidated profits.

"PJG views its underlying core businesses as strong. We nevertheless consider the results in the first quarter as a call to accelerate our initiatives to adjust our overall portfolio of businesses to restore profit growth," said Chairman Stephen B. Facey and Vice-Chairman and CEO Jeffrey Hall in a joint statement to stockholders.