Dec 2010 Financial News

Neal and Massy reports profit decline

Dec 17, 2010

Profits at the Neal & Massy conglomerate have declined this year because of the tough economic conditions around the Caribbean.

The prevailing economic environment throughout the region affected the group, Neal & Massy chairman Arthur Lok Jack said yesterday in the group's published financial statements for its financial year ended September 30, 2010.

"Key operating business units experienced reasonable growth but the results for 2010 were mainly impacted by the disappointing performance of Almond Resorts and losses on the operations of Bahamas Supermarkets Ltd and Warrens Motors which were being held for sale," he said.

Group revenues at Neal & Massy remained flat at $8.3 billion while profit before tax declined by 12.5 per cent, Lok Jack stated.

Profit before tax was $605 million in 2010, down from $692 million a year earlier.

Both Warrens Motors and Bahamas Supermarkets Ltd incurred continued losses over the last several financial years and Neal & Massy took the decision to dispose of these investments in the last quarter of this year, the financial statement indicated.

In his outlook, Lok Jack said the business environment continued to be challenging but 'the group remains strong".

He said Neal & Massy had several exciting growth prospects which it is pursuing and evaluating including potential acquisitions in the energy sector, the expansion of the Hi-Lo and Supercentre supermarkets and opportunities in growing Guyana economy.


Source:
Trinidad Express
Friday December 17, 2010

http://www.trinidadexpress.com/business/Neal_and_Massy_reports_profit_decline-112045779.html