Neal & Massy results reflect flat Caribbean economies
The weak economic conditions in many Caribbean countries have been cited among the reasons Neal & Massy recorded flat results in the first half of this financial year.
In its consolidated statement for the six months ended March 31, the Caribbean conglomerate’s chairman Arthur Lok Jack said group revenue grew by only 0.4 per cent “reflecting the flat and weak economies in the region and our exit from international inward reinsurance business”.
Singling out some sectors, Lok Jack reported to shareholders that strong profit before tax improvements were recorded by the automotive and insurance operations as well as the Guyana businesses specifically.
On the other hand, Neal & Massy’s integrated retail business units, energy and industrial gases registered declines in their profit before tax positions.
As a result, the Trinidad and Tobago-headquartered multinational corporation’s profit before tax from continuing operations produced “modest growth of 4.2 per cent”, said Lok Jack.
However, the chairman assured shareholders that “the group’s financial condition and balance sheet remained strong. Total assets increased to TT$8.6 billion (BDS$2.6 billion) and the group’s working capital also improved.”
In recently published financial statements, the company, which acquired Barbados Shipping and Trading in 2008, said several parties remained interested in buying the closed 400-room Almond Beach Village hotel in St Peter.
“To date, none of the interests have translated into acceptable offers but we expected a preferred bidder to be selected shortly,” the chairman said.
Neal & Massy, the biggest shareholder in Almond Resort Inc, closed the Barbados hotel group after it racked up more than BDS$60 million in losses.
Meanwhile, the Neal & Massy’s consolidated income statement showed revenue from continuing operations of TT $2.27 billion compared to TT$ 2.28 billion for the same period last year.
In addition, the group reported an increase in its operating profit which moved from TT$172.61 million in first six months of the 2012 financial year to TT$180.55 million in the current half-year results. (GE)