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Cave Shepherd records profit


Cave Shepherd records profit

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Cave Shepherd & Company Limited is on course to improve its financial performance by the end of this month.

After losing $1 million in the first nine months of this year, the business earned what chairman Geoffrey Cave and chief executive officer John Williams called a “modest” $100 000 profit up to the end of September.

And while they said subsidiary business DGM Bank & Trust continued to report losses due to its ongoing restructuring, the senior officials said they “expect to end the year with an overall improved performance compared to the prior year”.

Cave and Williams were giving their analysis of the performance in a recent statement accompanying Cave Shepherd’s consolidated financial highlights for the nine months ended September 30.

“For the nine months ended September 30th, the group recorded a modest profit attributable to equity holders of the company of $100 000, an improvement of the prior year’s loss of $1 million. This equates to a positive [earnings per share] of one cents for the current period compared to a negative [earnings per share] of five cents for the prior period,” they said.

“Our share of associates showed an improved results, and this is attributable mainly to the performance of our major retail associate Duty Free Caribbean (Holdings) Limited. Their improvement over the prior year is as a result of the increase in sales within the Colombian Emeralds International division over the last six months, as well as ongoing cost controls. Overall, our share of results of associates reflects a loss of $600 000 in the current period compared to a loss of $1.7 million in the prior period.

“Generally, our other businesses continue to perform well other than DGM Bank & Trust Inc., which continues to report losses this year as it is currently restructuring its operations. We are hopeful that this improved trend will continue,” Cave and Williams added. (SC)