Drop in Goddard group profits

Mon, June 07, 2010 - 12:00 AM

GODDARD ENTERPRISES LIMITED (GEL), a conglomerate with businesses in more than 20 countries, has reported profits of almost $20 million.

For the six months to March 31, profits totalled $19.5 million, down 18.6 per cent at the corresponding month last year.

The unaudited, consolidated financial statement appearing in the Press and on the group's website yesterday showed overall revenues of $454.6 million, a 4.4 per cent
fall on revenues logged at March 31, 2009.

The statement signed by chairman Joseph N. Goddard and managing director Martin Pritchard said: "All divisions experienced a decline, with the hardware and automotive sectors showing the greatest reduction."

There were some challenges in the airline industry, but GEL companies providing catering services performed "creditably", according to the statement.

GEL put its reduced profit position down to declining revenues along with increased selling, marketing and administrative expenses.

GEL embraces more than 50 companies in Barbados, Guatemala, Jamaica, St Lucia, Bermuda, Venezuela and several other Caribbean and Latin American countries.

GEL has a highly diversified portfolio, including rum production, general insurance, ship chandlery, ship representation and food and motor vehicle retailing.

Companies under the GEL umbrella include Hanschell Inniss, Trimart Inc, Tropical Batteries, Courtesy Garage Limited, Purity Bakeries and insecticide producer McBride Caribbean Limited.

Others are: Bridgetown Cruise Terminals Inc., West Indies Rum Distilleries Limited, Tropical Laundries, Sagicor General Insurance Inc. and Goddard Shipping & Tours Limited.

Goddard and Pritchard said GEL's balance sheet remained strong, with a $23.8 million increase in net assets employed and with a further improved debt-to-assets ratio now down to 35.3 per cent.

For the remaining six months of the financial year, GEL will continue efforts to control costs and seek growth opportunities, they reported. (TY)