Massy Group reports TT$600 million 4Q profit
The rebranded Trinidad-based Massy Group earned the bulk of its TT$600 million (J$10.7 b) in fourth-quarter net profit from within Trinidad but its highest rise in profit came from Jamaica.
Operations in Jamaica were up one-third higher year-on-year to TT$50 million (J$900 million) in profit before tax and rerbranding from TT$37 million a year ago, financials indicate. Trinidad results were up 6.6 per cent year-on-year to TT$640 million in profit before tax and rebranding costs.
Massy explained that the profit rise for Jamaica mostly represented a recovery.
“Profit before tax growth in the region is slowing. Jamaica was the only territory from which double-digit profit before tax growth was reported, in part because our operations in that country were recovering from a disappointing performance in 2013,” Chairman Robert Bermudez said in his statement prefacing the fourth-quarter results released on December 20.
Massy, which operates throughout Latin America and the Caribbean, rebranded its business from Neal and Massy Group in summer.
It resulted in the operations in Jamaica rebranded to Massy Technologies, formerly Illuminat; Massy Gas Products, formerly Gas Products; Massy Distribution, formerly HD Hopwood; and Massy Trading, formerly Marketing & Distribution.
Massy also made three acquisitions led by its entry into the fast-growing economy of Colombia.
“The region’s economies continue to struggle under heavy debt burdens and fiscal deficits; and tourism arrivals have not made any meaningful gains in the last year. In light of falling oil and gas prices, the Trinidad & Tobago economy is also expected to slow as its Government is contemplating cuts in expenditure,” stated Bermudez.
“Fortunately the group’s geographic diversification and growth strategies are beginning to yield results. The group will tighten its expense control and governance practices in anticipation of more challenging economic times ahead,” he added.