One of Barbados’ longstanding companies is reporting a positive start to 2014.
Management of Cave Shepherd & Co. Ltd said the business, which is a leading player in the retail sector, recorded a $2.4 million profit between January and March, an increase over the $1.9 million earned in the same quarter last year.
Commenting on the performance in a statement accompanying their financial highlights for the three-month period, chairman Geoffrey Cave and chief executive officer John Williams attributed the improvement to “ongoing restructuring efforts” at Duty Free Caribbean (Holdings) Ltd, its retail arm.
“The group recorded a profit attributable to equity holders of $2.4 million for the three-month period ended March 31, 2014 compared to $1.9 million for the same period in the prior year. This equates to 13 cents per share compared to 10 cents per share in the prior year,” the two officials said.
“The group has recorded a modest improvement in net operating profit, and at the same time the share of results of associates has shown an increased profit of $1.7 million in the current period as compared to $1.5 million in the prior year. The principal reason for this is the increased profitability of Duty Free Caribbean (Holdings) Ltd, which continues to benefit from its ongoing restructuring efforts.
“Our balance sheet remains strong and we continue to have a healthy level of cash and liquid assets despite the trying economic times.”
Cave and Williams added that while business conditions in the Caribbean “remain challenging, particularly for the local market”, they were “heartened by the gradually improving economic fortunes in our main tourism source markets and hopeful that this will translate into increases in our travel retain businesses”. (SC)
