Aug 2016 Financial News

Agostini's reports higher sales of $1.8b

Aug 16, 2016

The Agostini Group’s sales of $1.8 billion were 60 per cent higher than the comparable period of 2015 as they included 100 per cent of the sales from its Caribbean Distribution Partners Limited joint venture.

Third-quarter results showed profit attributable to shareholders of $63.8 million for the nine months ended June 30—3.5 per cent higher than for the comparable period in last year. 

The results include a credit of $9.1 million for a Housing Development Corporation (HDC) arbitration matter which was determined in Agostini’s favour. The full settlement will be brought to account when they receive the balance of the legal costs and interest claims. Earnings per share were $1.09 compared with $1.05 in the prior year.

Chairman Joseph Esau said Agostini’s pharmaceutical and personal care sector continued to perform well although Smith Robertson was affected by reduced Government purchases of pharmaceuticals. Their joint venture, Caribbean Distribution Partners, has generally performed well. Challenges in some islands are being addressed and continued improvement is expected in the medium to long term.

In the industrial, construction and holdings sector, Agostini’s operating companies were slightly down on the prior year, reflecting the effects of low activity in the energy and construction sectors.

Esau said he expected the T&T economy to remain depressed but the group’s full year results would be marginally above those achieved in the previous year

In July 2015, Agostini’s entered into a joint venture with Goddard Enterprises Limited of Barbados, and formed Caribbean Distribution Partners Ltd. 

Into this company Agostini’s and Goddardft5 transferred their holdings in their fast moving consumer goods companies. The group’s turnover has grown steadily and was $1.7 billion in 2015, with profit attributable to shareholders of $80.6 million.

Source:
Trinidad Guardian
Tuesday August 16, 2016

http://www.guardian.co.tt/business/2016-08-16/agostini%E2%80%99s-reports-higher-sales-18b