Aug 2010 Financial News

Ansa McAL records $402M profit

Aug 16, 2010

Ansa McAl Group of companies recorded a profit before tax of $402 million, for the six months ended June 2010 compared to $408 million recorded in 2009 for the same period.

Gross profit margins improved by three percent due to better procurement and management of their raw material conversion costs.

Its Insurance and Financial sector continued to be impacted by market fluctuations in particular with the euro and the full impact of this was reflected in the results.

At a press briefing at Tatil Building on Maraval Road, Port-of-Spain, Ansa McAL chairman, A Norman Sabga said the group’s sales were flat and their profits was ten percent less than last year which he described as a significant reduction.

He said in the beverage industry, sales was above last years sales but profitability was higher.

“We see a trend of a slow of the economy in the second quarter of the year, that had to do with election, rain and we are seeing signs of it picking up,” he said.

In the manufacturing industry, the Group’s sales were on par with last year and their profitability was better.

“In the distribution sector, there are five companies one in Florida, Guyana, Trinidad and Barbados. Our sales are flat and our profits are down slightly and this has a lot to do with the trading environment,” he said.

In the automotive sector he indicated that sales were slightly above last year while in the media sector, their sales and profit before tax for both years were quite good.

“In the services sector, sales and profit are down and this has a lot to do with the petro chemical business where our biggest activity is in that area,” he said.


Source:
Newsday
Monday August 16 2010

http://www.newsday.co.tt/business/0,125854.html