Feb 2017 Financial News

Massy 1Q profits up 3.4%

Feb 13, 2017

Publicly listed local conglomerate, Massy Holdings, declared a 3.4 per cent increase in its after-tax profit for the first quarter of its 2017 financial year, which ended on December 31, 2016.

The company’s third-party revenue remained flat at $3.1 billion, while its profit before tax increased by 6.8 per cent, according to its unaudited consolidated financial statements, which were published yesterday.

In his chairman’s statement, Robert Bermudez said: “Profit-before tax improvements were mainly driven by increased contributions from the financial services, energy services and distribution businesses.”

He said profit before tax from retail, automotive, industrial equipment and the core IT service companies were about the same as in the prior year.

He said, however, that the IPTV start-up business recorded higher losses than in the previous year because “the business was in full operation in this period, whereas in the prior year the business was in development mode and some expenditures were capitilised.”

The Massy Holdings chairman added: “The IPTV business continues to add more and more customers to the Massy TV and Internet service every day and we are exploring a number of options including discussions aimed at increasing our competitiveness, reducing duplicated efforts to build out fibre-optic connections to homes and sharing networks where that makes sense.”

Bermudez also said that despite challenges with foreign exchange in T&T, the group has been able to pay its suppliers. He said that the group would continue to employ conservative management in its existing businesses, “while leveraging the strength of its balance sheet to invest in growth opportunities in target markets and target sector.”

Source:
Trinidad Guardian
Saturday February 11, 2017

http://www.guardian.co.tt/business/2017-02-10/massy-1q-profits-34