Logo

Restructuring cuts into ANSA McAL’s Q1 profits

ansa group trans

Restructuring certain aspects of its businesses in T&T and Barbados has lead to reduced profitability for the ANSA McAL Group of Companies in the first quarter of 2014.

Unaudited results for the period ended March 31 show revenues of $1,415 Million, which is a two percent decline from the $1,439 earned in the corresponding period last year.

Chairman and Chief Executive – A. Norman Sabga said: “Profit before tax was $174 Million ($214 Million – 2013) with an EPS of $0.68 compared with $0.82 for the prior period. Net assets grew by 12 percent and the group continues to be in a strong cash liquid position.”

Sabga expressed confidence that upon completion of the restructurings the group’s competitiveness and profitability “will be enhanced over the long term”.

Additionally, our Financial Services segment was impacted by unrealised (non-cash) losses in local and international equity markets. These fluctuations are inherent in the Financial Sector and we expect this position to reverse as markets recover,” he said.

Source: Trinidad Guardian
Date Published: Friday 16th May, 2014