Feb 2016 Financial News

Higher overseas profits for Massy Group

Feb 16, 2016

For the first time in its history the Massy Group has earned more profit before tax (PBT) from outside of T&T.

Chairman Robert Bermudez, in comments to shareholders on the group’s unaudited financial statements for the first quarter of the 2016 financial year, said PBT from overseas accounted for 51 per cent of Massy’s overall PBT of $211 million for the period.

The group’s latest results, which are posted on the T&T Stock Exchange, show that PBT declined by 3.6 per cent and its third party revenues decreased by 1.6 per cent to $3.1 billion compared to the corresponding period in 2015.

Bermudez said: “With higher tax rates in overseas jurisdictions, the group’s effective tax rate increased to 31 per cent versus 29 per cent for the same period in financial year 2015. As a result, group profit after tax and earnings per share for first quarter 2016 declined by six per cent to $146 million and $1.30 per share respectively.”

He said the group continues to focus on operational efficiency, waste elimination and investment for growth and in the 2016 financial year expects additional revenue production from the launch of a new Massy Stores supermarket in Guyana, expansion of its auto dealership and car rental businesses in Colombia and full commercial launch of high speed internet and television services in T&T.

“The benefit of the group’s geographic diversification will continue to assist the group’s performance as Massy continues to grow its operations in Colombia and Latin America and as economies outside Trinidad and Tobago continue to enjoy lower oil and other commodity prices,” Bermudez said.

He added that the group is “well positioned to weather the current economic challenges” facing T&T.

Source:
Trinidad Guardian
Tuesday February 16, 2016

http://www.guardian.co.tt/business/2016-02-15/higher-overseas-profits-massy-group