Mar 2015 Financial News

Drop in profits for LJ Williams

Mar 04, 2015

LJ Williams Ltd suffered a $2.4 million drop in profits for the nine months ended December 31, 2014, but chairman Krishna Banadoorsingh is optimistic the group will have a profitable year end.

Consolidated financial information posted to the T&T Stock Exchange shows that the group had sales of $80.8 million. This was a slight increase over last year’s figure of $79.3 million. However, profit for that period was $1.4 million compared to $3.8 for the corresponding period in 2013.

In his review of the group’s financial performance, Bahadoorsingh said one of the companies in the group, Movalite, had lower revenues because most of its expected contracts had been moved to  the 2016 financial year.

He added the parent company was profitable but did not achieve budget and the hardware division continued to face challenges locally, while export of adhesives to customers in the Caribbean had been affected by the downturn in those economies.

Bahadoorsingh said: “The food division had higher sales over last year but had had higher expenses associated with its drive to expand distribution. We expect to have better results in the food division as we reap the benefits of the expanded distribution.”

Source:
Trinidad Guardian
Wednesday March 4, 2015

http://www.guardian.co.tt/business/2015-03-04/drop-profits-lj-williams