Nov 2016 Financial News

Ansa McAL chairman expects good results

Nov 16, 2016

Although the Ansa McAL Group recorded a one per cent decline in revenue and profit before tax for the third quarter of the year, chairman and chief executive A Norman Sabga said those results are relatively stable.

“Considering the prevailing economic climate, I consider these results acceptable. Though some segments recorded declines, we are pleased with the good performance of our financial services segment. All of our operations continue to generate good cash flows. Further, revenues from our overseas operations grew by seven per cent,” he said.

Sabga said the group is continuing to invest strategically and has acquired two new businesses in the United States and T&T. 

“In the USA, we acquired Florida Beer Company, the largest indigenous brewery in Florida and in Trinidad and Tobago, we acquired EASI Industrial Supplies Ltd. Both acquisitions are in businesses where we already have significant investments and synergies, both acquisitions will generate US dollar income. 

At the same time, we have divested the supermarket business in Barbados. These decisions will positively impact PBT (profit before tax) performance going forward,” he said.

“Our conglomerate model provides balanced results across our portfolio of businesses and solid returns even in a challenging economic environment. I remain confident that the group will deliver a good year end result.”

Source:
Trinidad Guardian
Wednesday November 16, 2016

http://www.guardian.co.tt/business/2016-11-15/ansa-mcal-chairman-expects-good-results