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Financial News

Nov 2014 Financial News

Angostura earns $128m for 2014

Nov 13, 2014

Angostura Holdings Ltd (AHL) yesterday reported that its operating results from operating activities for the nine months ending September 30, 2014 were flat compared with last year. The rum and bitters producer reported results of $125 million for this year, compared with $124.8 million for the period last year. Angostura’s results last year were skewed by the large gain the company took for the sale of its stake in Burn Stewart. 

This resulted in the company reporting profit after tax of $92.1 million for the period ended September 30, 2014, compared with $236.7 million earned in the same period last year. Looking at its revenue earned from its total segmented business, the company earned $128 million for the period ended September 30, 2014 compared to $132.8 million in 2013. Despite a $15 million decrease in revenue earned in its alcohol division, that division continued to be the revenue earner for AHL, as it reported $75.6 million at the end of the third quarter, 2014 compared to $90.6 million at the end of the third quarter, 2013.

The company continued to maintain a stable equity position as it reported $123 million in net cash and bank balances for the period ended September 30, 2014 compared to $131.9 million for that same period in the previous year. But AHL increased its property, plant and equipment for the period ended September 30, 2014. From $309.3 million in September 2013 to $340.7 millionin September 2014. Chairman, Gerald Yetming said: “Continued re-investment of retained profits will yield further growth in line with strategic objectives. This will be pursued with the overall view of generating sustained returns on equity.”

Overall, the company ended the third quarter with results from continuing operations totalling, $125.1 million in 2014 compared to $124.8 million in 2013. Yetming anticipated that the next quarter would be a fruitful one with “exciting” campaigns.

 

Source:
Trinidad Guardian
Thursday November 13, 2014

http://www.guardian.co.tt/business/2014-11-13/angostura-earns-128m-2014