Massy Holdings Limited doing well
DESPITE the challenging environment in Barbados and in Trinidad and Tobago, Massy Holdings Limited continues to hold its own.
This is according to Chairman, Robert Bermudez who said that the conglomerate continues to perform commendably in 2017.
Reviewing the Group’s performance for the half year to June 2017, Bermudez said that third party revenues from continuing operations increased two per cent from $8.66 billion in 2016 to $8.88 billion. The Group’s year to date profit before tax (PBT) from continuing operations also increased two per cent over 2016 (PBT) to $610 million.
“However, with the increase in corporate income tax and green Fund Levy in Trinidad and Tobago, the Group’s effective tax rate increased from 32 per cent to 36 per cent, resulting in net profit from continuing operations for the period of $390 million versus prior year of $409 million,” Bermudez reports.
Massy operates businesses in a number of countries across the Caribbean. However, the economic slowdown in both Barbados and Trinidad and Tobago have affected the group. While the Barbados economy has been showing some growth, high taxes and a cut back on spending remain a challenge for businesses and consumers.
With regards to Trinidad and Tobago, the oil-based economy there is still feeling the effects of falling energy prices.
Said Bermudez, “The Group’s geographic diversification continues to prove beneficial. Massy Motors Colombia increased its PBT by 61 per cent however, PBT contributions from our overall Colombian operations experienced a decline, based on the challenges facing the Energy Service company in that market.”
He explained that improvements in PBT, primarily from Eastern Caribbean, Guyana and Jamaica, more than compensate for the decline in Colombia.