Jul 2006 Financial News

Furness Releases Un-audited Half Year Results

Jul 19, 2006

In the un-audited financial statements for the half year ended June 30, 2006, Furness Trinidad Limited reported a Net Profit after Tax of $3.8 million. This was an increase of 143% over the comparable period in 2005, where Net Profit after Tax stood at $1.5 million.At the current market capitalization, this would translate to an Earnings per Share (EPS) of 31 cents, which is 138% or 18 cents higher than the prior comparable half year EPS of 13 cents.

The Group’s Turnover for the period amounted to $22.6 million which was an increase of 24% or $4.3 million when compared to the half year ended June 30, 2005. The Effective Tax Rate for the current half year period was 25.49 %, while the rate stood at 30.80% in the comparable half year period in 2005.

Furness has attributed these impressive results, which were in line with targets set, to that of improved performance by some of its subsidiaries. The Group expects to maintain its growth and profitability over the next six months and is optimistic that year end result will be above its target.

The shares of Furness Trinidad Limited have not actively traded since March 11, 2005.


Gia Singh
WISE Research Team