• Today
    January 16

  • 05:32 PM

Drop in Goddard group profits

Andrew Browne, webmaster@nationnews.com

Added 07 June 2010

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)

JOIN THE DISCUSSION

Dos and Donts


Welcome to our discussion forum here on nationnews.com. We encourage lively debate, but we also urge you to take note of the following:

  • Stay on topic – This helps keep the thread focused on the discussion at hand. If you would like to discuss another topic, look for a relevant article.
  • Be respectful – Meeting differences of opinion with civil discussion encourages multiple perspectives and a positive commenting environment.
  • Do not type in capitals – In addition to being considered “shouting” it is also difficult to read.
  • All comments will be moderated – Given the volume of comments each day, this may take some time. So please be patient.
  • We reserve the right to remove comments – Comments that we find to be abusive, spam, libellous, hateful, off-topic or harassing may be removed.
  • Reproduction of comments – Some of your comments may be reproduced on the website or in our daily newspapers. We will use the handle, not your email address.
  • Do not advertise – Please contact our Advertising Department.
  • Contact our Online Editor if you have questions or concerns.
  • Read our full Commenting Policy and Terms of Use.
comments powered by Disqus

POLL

How has the intermittent strike action of the public service vehicle operators affected you?

Arrived late at destination
Experienced long delays
Had to walk
Not affected

FRONT COVER OF TODAY'S NEWSPAPER

CARTOON

INSTAGRAM