Aug 2010 Financial News

N&M Holdings after-tax profit down 10 per cent

Aug 12, 2010

Neal & Massy Holdings Ltd’s profit after tax for the nine months ended June 30, 2010, has declined by ten per cent. Chairman Arthur Lok Jack stated that the group’s after-tax profit declined from $336 million in the first nine months of 2009 to $303.3 million in the comparable period this year. This was due largely to the impact of losses arising from its companies in tourism, retail and construction industries. “Our most significant difficulties came from Bahamas Supermarkets Ltd in the food group and Almond Resorts in the tourism and hospitality group.

“These businesses were negatively impacted by economic recessions in Barbados and Bahamas and by the precipitous decline in construction activity in T&T. “Both these companies have seen escalating losses over the prior year and major restructuring initiatives are now well underway in order to reverse the decline. “The rest of the Group’s companies contributed a net growth in earnings of five per cent before the impact of the loss generators,” Lok Jack stated. He said that the group reduced its debt from $2.20 billion to $1.97 billion.


Source:
Trinidad Guardian
Thursday August 12, 2010

http://guardian.co.tt/business/business/2010/08/12/nm-holdings-after-tax-profit-down-10-cent