Third Quarter Performance:
The Group continued its trend of excellent results achieved in the prior year and half year 2007. The targets established in our “Vision 2010
Beyond Blue” are well within sight. The Quarter’s revenues grew to $1.23 billion, an increase of 16.4% over what we achieved last year.
With prudent management of operating costs in all sectors, this translated into a profit after tax of $198 million, 22.5% above our results for
2006. Our quarterly earnings per share for the third quarter rose from $0.86 to $0.99.Year-to-date Performance:
Sales for the period amounted to $3.5 billion, a $548 million or 18% increase over the same period last year. We achieved a consolidated
profit after tax of $475 million an increase of 25% over the prior year, and our profit attributable to shareholders of $407 million grew by $85
million or 26% above the 2006 results for the same period. The Group’s year to date earnings per share grew from $1.88 to $2.37.
During the second and third quarter, your Group was involved in a competitive bid to acquire the majority shareholding in The Barbados
Shipping and Trading Limited (BS&T). The Group withdrew its bid. It detailed the reasons for same in its Notice of Withdrawal of October
16, 2007. The Group was advised that its withdrawal was legally and validly effected and has retained Counsel in Trinidad and Barbados
to advocate its position in matters currently before the courts and Securities Commission in Barbados.Outlook:
All sectors in the Group have continued to record growth over their 2006 year to date results, and all sectors are expected to surpass the
objectives that were set at the start of the year in accordance with the “Vision 2010 Beyond Blue”. The Group traditionally produces its
best quarterly performance in the last quarter of the year and early indications are that this will be the case in 2007.
A. NORMAN SABGA
CHAIRMAN AND CHIEF EXECUTIVE
November 13, 2007
Unaudited 3rd Quarter 2007 Results – 139kb