May 2015 Financial News

Massy Holdings revenue up 14 per cent

May 11, 2015

Chairman of Massy Holdings Limited Robert Bermudez says the group continues to achieve “healthy top-line growth” with a 14 per cent increase in revenue to $6.4 billion for the six months ended March 31. 

The group’s latest financial statements, which have been posted on the T&T Stock Exchange, shows that profit before tax increased by $1 million to $411 million. 

In his report to shareholders Bermudez said a $1.2 billion bond raised last year to refinance short-term debt and to finance new projects and acquisitions contributed to a $28 million increase in interest expense to the group. 

“The automotive and industrial equipment and retail units performed well. Both produced double-digit profit before tax growth for the period under review. 

“Energy and industrial gases, distribution and logistics units experienced declines arising from reduced activity and prices in the energy sector and a temporary setback from the loss of a major distribution line in Jamaica,” he said.

“Both acquisitions in Colombia performed as, or better than expected and are producing new opportunities for investment and growth.” 

Bermudez also reported that on April 10 Massy and its partners Mitsubishi Corporation, Mitsubishi Gas Corporation, Mitsubishi Heavy Industries and National Gas Company signed a project agreement and several supporting agreements with National Energy, Government and the Ministry of Energy to begin construction of the methanol and DME plants.

He said in March Sandals Resorts Inc purchased the Almond Beach Village property from Barbados Tourism Investment Inc and an outstanding loan from Massy Barbados to ABV Investments Inc (formerly known as Almond Resorts Inc) was repaid in full.

“The group is taking appropriate actions in recognition of the challenges and opportunities emerging in the Trinidad and Tobago economy,” he said.

“The group’s financial strength will allow it to continue diversifying outside of its traditional markets and to capture growth opportunities within its existing territories.”

Source:
Trinidad Guardian
Saturday May 9, 2015

http://www.guardian.co.tt/business/2015-05-09/massy-holdings-revenue-14-cent