Mar 2010 Financial News

ANSA McAL sees 46 per cent drop

Mar 25, 2010

DURING a year that proved to be more difficult than that of 2008, ANSA McAL (Barbados) Limited, experienced a drop in profitability of 46.3 per cent for the financial year ended December 31, 2009.

According to the Group’s recently released Consolidated Financial Statements for the period, profit before taxation totalled Bds$10 777 000, some 46.5 per cent less than the $20 180 000 recorded in 2008.

After accounting for approximately $1.7 million in taxes, net profit for the year was $9 082 000, which is a decline of 46.3 per cent when compared to the $16 920 000 earned in the previous year.

When other comprehensive income is taken into account, which happened to be a loss of $455 000 in the case of last year, total comprehensive income for the year totalled $8 627 000, a drop of 60.2 per cent when compared to the $21.6 million recorded in 2008.

These results meant that earnings per share stood at 73 cents, down 46 per cent from the $1.37 seen a year earlier.

Chairman, John Bellamy, stated in his report that when compared with the results of their competitors, the Group has performed better than some.

He indicated that the Board has declared a final dividend of 15 cents, which together with the interim already paid of six cents, makes a total dividend of 21 cents, down from the 35 cents declared in 2008.

Bellamy stated that this decision was taken to demonstrate prudence in their continuing management of the Group’s financial affairs.

Looking forward for the remainder of 2010, the Chairman stated that they expect this to be another difficult year with little prospect of growth.

However, he made the point that their balance sheet remains strong, and that they remain confident that they will achieve success in the future.
(RH)


Source:
Barbados Advocate
Thursday March 25, 2010

http://www.barbadosadvocate.com/newsitem.asp?more=business&NewsID=9593