Feb 2015 Financial News

Bharath lauds NFM’s performance

Feb 12, 2015

It is possible that the National Flour Mills’ financial results for 2014 may be better than the previous year, said Trade Minister Vasant Bharath.

“In fiscal year 2013, the NFM recorded a significant profit. The year-on-year profit results showed an increase in comprehensive income from $8 million in 2012 to $21 million in 2013. In 2014 it is very likely the results may be even better than that of 2013. The market will be waiting with bated breath for those results. Shareholders of course will be very happy. I do not think there are too many shares on the stock market in T&T that would have recorded increases like the NFM. This validates that investor confidence once again has returned to the National Flour Mills,” he said.

Bharath spoke yesterday at the signing of the collective agreements between the National Flour Mills (NFM) and the Seamen and Waterfront Trade Union (SWWTU) at the NFM’s head office, Wrightson Road, Port-of-Spain.

Collective agreements were signed for hourly rated employees for the period July 1, 2013 to June 30, 2016 and for monthly rated employees for the period January 1 2014 to December 31, 2016.

He said the improved relationship between the management and the union has contributed to NFM’s better performance.

“Management’s responsibility is to decrease cost, increase sales, and increase the company’s profitability. Generally a union’s responsibility is to increase membership and to save union jobs. Sometimes these objectives are the exact opposite. Clearly, at the NFM over the last four years something has been happening and it is an example for other state enterprises. The antagonism between labour and management is absent from NFM,” he said.

On the topic of trade, Bharath said T&T’s prosperity depends on trade and the Ministry of Trade is leading a trade mission to Panama in March.

“Therefore, the Ministry of Trade will continue a pragmatic approach to trade negotiations. A delegation including the NFM will visit Panama on a trade mission in March and our companies will participate in Panama’s annual trade show. The partial scope agreement in 2013 signed between the two countries will allow preferential rates of 230 products from T&T to enter the Panama market. There are limitless opportunities for T&T there,” he said.

Michael Annisette, President of the SWWTU, who also spoke at the signing said companies need to generate profits so that employees will have jobs.

“The old adversarial way of collective bargaining is a things of the past. SWWTU is trying to forge a new landscape. This can be used  a template for other Government and trade union negotiations,” he said.

Source:
Rapheal John-Lall
Trinidad Guardian
Thursday February 12, 2015

http://www.guardian.co.tt/business/2015-02-12/bharath-lauds-nfm%E2%80%99s-performance