May 2017 Financial News

Slight decline in ANSA profits

May 30, 2017

THE ANSA Mc Al Group of Companies experienced a slight decline in profits over the past year, A. Norman Sabga, Group Chairman and Chief Executive, revealed on Thursday at the group’s annual general meeting.

The group’s operating profit before tax was $1,107 million with $6.001 billion in total revenues. This was down from 2015’s profit before tax of $1,163 million and total revenues of $6.215 million.

Sabga noted that this was the fourth year that the group’s profits crossed the billion dollar mark and that these positive results were achieved despite challenges, such as a fire at Carib Glassworks Limited that cost the group $38 million. Responding to a question fielded by a shareholder, the group’s chair said it was the company’s ambition to become a net earner of foreign exchange.

Sabga told gathered shareholders that it was the group’s intention to make acquisitions in the near future that were pan Caribbean as well as forex earners. He indicated however that the country was losing its ability to compete in terms of labour price escalations and declining productivity.

Source:
Natalie Briggs
Newsday
Tuesday May 30, 2017

http://www.newsday.co.tt/business/0,244372.html