Aug 2016 Financial News

Angostura sees 11.6 per cent revenue growth

Aug 15, 2016

In the second quarter of the financial year, Angostura Holdings Limited has achieved an 11.6 per cent growth of revenue, from $159.1 million last year to $177.5 million. Results from continuing operations of $62 million from $53.6 million represented growth of 15.7 per cent for the quarter.

The company’s latest consolidated financial statements, which were posted to the T&T Stock Exchange, show year-to-date revenue falling short of the prior year by $2.4 million but chairman Rolph Balgobin said results from continuing operations had surpassed 2015 levels by $4.9 million, due largely to cost savings.

He said profit after tax inclusive of non-recurring items was $53.23 million versus $59.6 million in 2015, was down by $6.4 million as then result of the initial estimate related of exposure related to a recent judgement in an ongoing legal matter. The effect of this adjustment on earnings per share was $0.07, resulting in a closing earnings per share of $0.26, down by $0.30 from 2015 levels.

Balgobin said: “The group’s balance sheet continues to be strong with healthy cash and reserves, capable of supporting all operating costs and non-recurring expenses. Inventories and receivables are being addressed with a view to ensuring that these are appropriately managed.

Angostura’s board of directors has approved an interim dividend of $0.12 per share, a 20 per cent increase over last year.

Source:
Trinidad Guardian, A17
Saturday August 13, 2016