Aug 2015 Financial News

Increases in profit and revenue for Massy

Aug 16, 2015

Massy Group achieved increases on profit before tax and revenue for the first three quarters of the financial year.

The group’s unaudited consolidated financial statements for the period ended June 30 shows that third party revenue increased by 12.7 per cent from $8 billion to $9 billion and group profit before tax (PBT) went up by five per cent from $558 million to $586 million. Earnings per share (EPS) improved by 5.6 per cent to $3.95 per share.

However, increased interest expense from the $1.2 billion bond raised last year to refinance short-term debt and to finance new projects cost the group an additional $29 million above interest expense for the first three quarters of 2015.

There were strong performances in the insurance, automotive and industrial equipment and retail units, with double-digit profit before tax growth.

In energy and industrial gases, ITC, other investments and logistics there were declines due to reduced activity and prices in the energy sector, delays with IT projects, lower poultry feed prices in Barbados and the absence of Huggins Shipping’s contribution to 2015 results.

Acquisitions in Colombia contributed $650 million to revenue and $10 million to profit before tax, paving the way for additional investments and organic growth.

The group’s latest financial statements have been posted on the T&T Stock Exchange.

Source:
Trinidad Guardian, A18
Saturday August 15, 2015