Nov 2014 Financial News

NFM accounts for ‘gifts to the nation’

Nov 13, 2014

STATE-owned National Flour Mills (NFM) yesterday indicated that all of its “gifts to the nation” incentives” up to September 30, 2014 have been settled by the Government. The company’s chairman Mike Bazie made this indication in a statement which accompanied NFM’s unaudited financial results for this period. Those results showed the company recording an unaudited profit of $7.83 million.

However Bazie did not attach any figures with respect to Government’s settlement of theses incentives. Prime Minister Kamla Persad-Bissessar announced the discounts on select NFM products on October 18, while addressing Divali celebrations at her Siparia constituency office in Penal.

She said it would apply to 2 KG and 10 KG packages of IBIS Brand All purpose Flour; 2 KG and 10 KG packages of Hibiscus brand all purpose flour; 2KG and 10 KG Lotus brand all purpose, whole wheat, bakers and Cake flour; 2KG and 10 KG Five Roses brand of all purpose flour; all sizes of Lotus brand Soya Bean Oil and all sizes of Lotus brand Rice; 2 KG Cuisine brand all purpose flour and 10 KG Club Select all Purpose flour. She said the discounts would last until Divali.

This is not the first time the Prime Minister made this announcement. Previous “gifts to the nation” were announced by Persad-Bissessar last Christmas and for Eid-ul-Fitr and Emanicipation Day this year.

She explained that Government will reimburse all expenses directly incurred in the process of effecting these initiatives. Last month 13 companies signed a petition to Persad-Bissessar expressing their “deep concern” at Government’s continued use of the company in offering discounts of foodstuff to consumers for Eid ul Fitr, Emancipation and Divali.

In the petition, the manufacturers complained that the private manufacturing and distribution sectors have never been consulted or invited to partner and/or take part in these festival discounts. “We are also of the opinion that it is inappropriate for any government using taxpayers’ funds to induce consumers to buy specific brands of discounted products produced by a State enterprise.”

Source:
Newsday
Thursday November 13, 2014

http://www.newsday.co.tt/business/0,202873.html