May 2016 Financial News

$163.7m profit for Angostura

May 16, 2016

Angostura Holdings Limited ended 2015 with profit after tax of $163.7 million, an increase of $10.3 million on its 2014 results

Chairman Maurice Suite said the improvement was due to “careful management of expenses and targeted brand investment” and that the group maintained its profitability “in spite of increasing global economic pressures.”

“Recognised capital investment for 2015 totaling $53 million, was applied towards optimising operational efficiency and competitiveness in the global marketplace, whilst addressing our social and environmental responsibility in our plant upgrades,” he said in his report to shareholders.

Suite said the board of directors had declared a final dividend of $0.20 per share in respect of 2015, and together with the interim dividend of $0.10 per share paid on September 4, 2015, the total dividend for the year will close at $0.30.CEO Robert Wong said there had been challenges for the company in 2015 as the global economy experienced turmoil from falling oil prices, fluctuating exchange rates, and political and social instability across many regions.

“Despite these difficulties however, our brands have performed very well domestically and internationally, earning global recognition and making a significant contribution to the worldwide drinks industry,” he said.

Wong told shareholders Angostura aims to ensure an optimal capital structure, and will manage cash resources to minimise debt service costs while maximising returns to investors.

He said: “At the end of 2015 surplus cash and short term investments over debt increased to $104 million from $58.6 million in 2014 (77.5 per cent growth). Net shareholders’ equity closed at $880.8 million in 2015, compared to $775.1 million in 2014, growth of 13.7 per cent.”

Source:
Trinidad Guardian
Saturday May 14, 2016

http://www.guardian.co.tt/business/2016-05-14/1637m-profit-angostura