Trinidad: Conglomerate posts impressive pre-tax

PORT OF SPAIN, Trinidad, CMC – The Trinidad-based conglomerate, ANSA McAL Group of Companies, says it has recorded its best ever half year result after posting a pre-tax profit of TT$426 million (US$71 million).



Norman Sabga, group chairman and chief executive officer, described the unaudited results for the six months ending June 30, as “the best results in the company’s history”.



The Group's revenue for the period was up TT$46 million (US$7.6 million) to $2.48 billion (US$413 million) over the comparable period in 2010 and that the profit before tax increased by TT$24 million (US$4 million) or six per cent.



He said earnings per share (EPS) improved by eight per cent and net profit margins improved by one per cent. He also noted that it was the best six-month EPS performance, which stood at TT$1.64 (US$0.60 cents).



“Unlike other institutions whether private of public, we are not prepared just to accept that. We have invested heavily in improving our processes from the manufacturing standpoint, investing in our controls and re-training staff and the ability to manage our business,” Sabga said regarding the global economic situation.



“The pie may be shrinking but we want the largest slice possible and it is that mindset, determination and desire that is the hallmark of the group.”



Sabga said most of the benefits came from the financial sector, which suggests that the Group’s strengths lie within the business portfolios and the ability to manage the portfolios.



“The financial sector has more than offset declines in the other sectors,” he said, noting the success of the Group’s overseas operations that includes a chain of supermarkets.