The ripple effect from Government’s latest austerity measures has reached a Trinidad and Tobago conglomerate which owns a large number of companies in Barbados.
Neal & Massy Holdings Limited (N&M’s), the parent company of Barbados Shipping & Trading Co. Ltd, said it was forced to make an adjustment of its strategies in light of the measures, which included thousands of public sector lay-offs.
Chairman Arthur Lok Jack, while commenting on N&M’s unaudited consolidated financial statements for the three-month period ended December 31, 2013, said: “The group notes the cautious behaviours being adopted by consumers in Barbados in the wake of the austerity measures announced by the Government and is adjusting its strategies.”
He did not go into detail about what those strategies were, but the regional conglomerate has a number of wholesale and retail businesses here, including SBI Distribution Inc., SuperCentre Limited and Dacosta Mannings Retail Limited. It also has interests in Banks Holdings Limited and Roberts Manufacturing Company Limited.
Lok Jack also said that “while many of the economies in the Caribbean continue to struggle, the group maintains a strategy to grow through strong governance and financial management and creative strategies to win market share and expand into related businesses in select geographies”.
During the recent quarter, which is N&M’s first for financial year 2014, its revenue increased by 7.4 per cent to reach TT$2.8 billion (BDS$834.5 million). Group profit before tax increased by 3.3 per cent to TT$213 million (BDS$63.5 million). Group Earnings Per Share increased by 2.2 per cent to TT$1.39 (BDS$0.41 million) per share. (SC)