Increases in all GEL divisions

Sat, May 12, 2012 - 12:00 AM

Goddard Enterprises Limited improved its performance in the first half of fiscal 2012.

Recently published consolidated financial highlights for the six months ended March 31, 2012, show revenues were 8.1 per cent higher than for the corresponding period in 2011.

According to chairman Joseph Goddard and managing director Martin Pritchard, this increase was seen throughout all divisions.

The directors noted that there was also an improvement in the gross profit margin, which was up from 33.1 per cent in the prior year to 34.5 per cent.

Net income for the period increased by $6.3 million, or 39.8 per cent, with net income attributable to equity holders increasing by $4.4 million, or 40.5 per cent.

Meanwhile, net profit from operations before other gains or losses increased by 7.1 per cent from $28 million in the previous year to $30 million.

Other net gains and losses improved by $3.9 million, or 117.6 per cent.

Goddard’s share of income from associated companies increased by $0.7 million, or 22.4 per cent.

For the period ended March 31, 2012, earnings per share amounted to 25.3 cents compared to 18.1 cents in the previous period.

The directors noted that both the company’s working capital and debt to asset ratios remain strong at 1.5 and 37 per cent.

“With respect to our cash flow, our investing activities increased due to the acquisition of the assets of the agency and stevedoring business and operations of Sea Freight Agencies (Barbados) Limited on October 1, 2011,” they said. (NB)