Apr 2009 Financial News

ANSA McAL stands ready to survive financial storm

Apr 21, 2009

Yet another major firm in Barbados is reporting that they are well positioned to weather the financial storm and sustain their operational capabilities for this year and beyond.

This time the report is coming from Ansa McAL Barbados, a subsidiary of one this region’s leading conglomerates; Ansa McAl Group of Companies.

The comment comes from John Bellamy Chairman of the firm in his assessment of the performance of the company over the last year.

He says, “While no one can accurately predict the impact of the world financial crisis on our region, given the underlying strength of our balance sheet and our constant vigilance over our operating entities, I believe that we are well placed to survive this financial storm and sustain our operational capabilities in 2009 and beyond”.

He notes that the firm’s entire management team is focused on achieving the best possible results during this uncertain time and continue to look for new opportunities.

Bellamy explains that Ansa McAL (Barbados) Ltd recorded an improved overall performance during 2008. Achieving increased turnover, by $25 million or 7 per cent from 2007.
Additionally he notes that net earnings also improved, increasing by 2.7 per cent, which resulted in improved earnings per share of $1.37.

He however does acknowledge that this year should be a turbulent one from a financial perspective given the virtual collapse of the world financial models. (SB)


Source:
Barbados Advocate
Tuesday April 21, 2009

http://www.barbadosadvocate.com/newsitem.asp?more=business&NewsID=3148