Apr 2017 Financial News

Angostura profits down 25%

Apr 03, 2017

Angostura Holdings Ltd’s after-tax profit for 2016 declined by 25.5 per cent, according to the company’s audited financial results for the year, declining to $121.9 million in 2016 from $163.6 million in 2015.

The rum and bitters producer also reported that its revenue fell by 4.5 per cent top $620.5 million in 2016, from $639.4 million the year before.

Of the decrease in revenue by $28.9 million, Angostura chairman, Rolph Balgobin, said that $25 million was related to the commodity rum trade, while $3.9 million related to the sale of branded products.

In his statement to the financial statements, Balgobin said: “Domestic rum sales were affected by the local economic climate, while export rum and bitters experienced growth. The group is reviewing all business lines to support future growth and innovation objectives.”

The earnings per share decreased in 2016 of $0.59 compared to 2015 where EPS was $0.80. Total dividend for 2016 would be $0.30.

Its liquidity position increased in December 2016 as Angostura reported $183 million in cash and cash equivalents compared to 2015 when it reported $125 million.

Source:
Trinidad Guardian, A14
Monday April 3, 2017