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Lower revenues for Neal & Massy

rhondathompson, [email protected]

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TRINIDAD AND TOBAGO conglomerate Neal and Massy Holdings has recorded lower revenues and profits for its financial nine-month period because of the economic slowdown in the region and around the world.Chairman Arthur Lok Jack said last Thursday in published financial statements to June 30 that, against the backdrop of a global recession which hurt Neal & Massy’s Caricom trading partners as well as “anaemic” growth locally, the group’s third-party revenues declined by three per cent.It’s profit after tax fell by ten per cent, he said.Neal and Massy’s income statement showed that after-tax profits to June 2010 stood at $303.2 million compared to $336 million for the same period in 2009.Lok Jack said the group’s most significant difficulties came from subsidiaries Bahamas Supermarkets Ltd and Almond Resorts.“Both these companies have seen escalating losses over the prior year and major restructuring initiatives are well underway in order to reverse the decline,” he said, adding that the group was also stabilising its construction sector company’s performance which also affected Neal & Massy’s results. (Express)