Dec 2014 Financial News

Massy reports $1 billion profit

Dec 31, 2014

THE Massy Group has reported that its business units closed the year with strong operating results crossing $1 billion in profit before rebranding costs this year. This infomation was contained in a report compiled by Massy CFO Paula Rajkumarsingh that was released yesterday.

The report said this compared favourably to profits of $948 million which the Group recorded in 2013. Rebranding costs amounted to $58 million, which included refurbishing properties, installing signage, marketing and advertising costs. Our St. Lucia and Guyana operations will undertake the rebranding process in the subsequent financial year. 

The report also said with the exception of its Other Investment portfolio, all of Massy’s other business units showed strong growth over 2013. 

The Group noted that the contributions from its new acquisitions (primarily retail operations in St. Lucia) and the commendable performance in its Consumer Finance Line of Business, Energy and Industrial Gases and ITC Business Units resulted in the growth this year. 

The Group also expanded our geographical reach in 2014, by investing in new territories, namely Colombia and Costa Rica. Massy also increased its ownership in the retail business in St Lucia. The report observed regional economies continue to be weak as many governments are saddled with mounting debt. The report noted the commodity based economies of Trinidad and Tobago and Guyana both had strong trading environments. 

The TT operations contributed 53 percent to third party revenue and 61 percent to profit before head office and other adjustments, rebranding costs and tax compared to 60 percent in 2013. The new investments in territories of Colombia and Costa Rica contributed $123 million in revenue for 2014. In addition, Massy’s revenue and profit contribution from the Eastern Caribbean also increased by $737 million and $35 million respectively, with the investment in the retail business in St Lucia.

Source:
Newsday
Wednesday December 31, 2014

http://www.newsday.co.tt/business/0,204949.html