Massy banking on Barbados market
THE MASSY GROUP is reaping the benefits of its investments in Barbados as the Trinidad economy continues to face a tailwind from historically low oil prices.
In its just-released unaudited consolidated financial statements for the six months ending March 31, chairman Robert Bermudez said the group’s diversification into several markets in the region was paying off.
More importantly, the Massy chairman revealed the conglomerate would be paying close attention to foreign exchange use and generation within the group, which has its headquarters in Port of Spain.
Profit before tax from Massy’s Trinidad operations fell by 28 per cent, but other markets recorded pre-tax surpluses. Barbados and the Eastern Caribbean, which were grouped together, grew by 24 per cent over the six-month period, Jamaica by 18 per cent and Colombia by 48 per cent. (GE)
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