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$34M profit


$34M profit

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BARBADIAN CONGLOMERATE Goddard Enterprises Limited (GEL) is recording a substantial increase in profit even as many local companies say they are struggling to maintain profit levels.

​GEL, which is headquartered in Barbados with subsidiaries in other Caribbean islands and Central and South America mainly in the food service sector, reported net profit of $34.07 million for the nine months ended June 30, 2014.

That GEL profit represented a massive 60 per cent jump on the performance for the same period a year ago.

In the recently published board review signed by chairman Charles Herbert and managing director Anthony Ali, the two said the increase in profits was registered even though there was a slight drop in group revenue.

“Our operational profit increased by 49.3 per cent from $31.4 million in the period to $46.8 million in the current period due to improvements in gross profit and other gains/ (losses) net, and a reduction in our selling and administrative expenses,” they said.