Trinidad based, Massy Holdings rebranding and change of name, from Neal & Massy Holdings, to Massy Holdings has cost the group TT$59 million according to information included in the group’s nine months results to June.
The amount helped pulled the net profit for the quarter below that of the similar period in 2013, from $128 million to $99 million. Most of the companies within the sprawling group now carry the Massy name except in Guyana and St Lucia, the company stated in their report to shareholders.
The company’s former name came out of the merging of two companies operated by their founders, Harry Neal and Charles Massy that carried the individual names which were combined to form Neal & Massy. According the group’s 2013 annual report “In 1933, rising to the challenges of survival and growth, two entities concluded an historic merger, and became one – Neal & Massy Engineering Company Limited. They were responding both to world economic conditions of the Great Depression, and to the promptings of shrewd local bankers.”
According to information accompanying the nine months results, half of the rebranding cost relates to signage and painting for all Massy buildings, many of which were due for a face lift. The rest of the cost relate professional services training materials, advertising and events.
Massy Holdings rebranding cost TT$59M
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[…] the year to September, profit for Massy Holdings rose only 2 percent, to $555 million or $5.68 cents per share. Profit for the September quarter […]
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[…] Massy Holdings accounted for $10.38 million or 89 percent of the total value of shares traded on the Trinidad Stock Exchange on Tuesday while 9 securities changed hands of which 4 advanced, 3 declined and 2 traded firm. A total of 209,437 units, valued at $11,652,953 traded. At the close of the market, the Composite Index rose 1.30 points to close at 1,144.06, the All T&T Index rose 0.01 points to close at 1,976.93 and the Cross Listed Index increased by 0.34 points to end at 40.73. Gains| Stocks increasing in price at the close are, Angostura Holdings trading 1,224 shares to close at $13 with a gain of 8 cents. National Commercial Bank with 30,000 shares trading closed 5 cents higher at $1.16, Scotiabank added 8,010 shares valued at $484,685 and gained 1 cent to end at $60.51 and Unilever Caribbean gained 26 cents to end at a new 52 weeks’ high of $64.51 while trading 5,000 shares. Declines| The stocks declining at the end of trading are, Clico Investment Fund which traded 2,575 shares valued at $59,246 and lost 4 cents to close at $23.01. Massy Holdings had 152,480 shares changing hands for a value of $10,375,955 and closed at $68, down by 24 cents and Republic Bank traded 100 shares and lost 3 cents to close at $119.76. Firm Trades| Stocks closing with prices unchanged at the end of trading are, First Citizens Bank that traded 9,048 shares valued at $334,776 to close at $37 and Guardian Holdings trading 1,000 shares to close at $13.25. IC bid-offer Indicator| At the end of trading the Investor’s Choice bid-offer indicator had 5 stocks with the bid higher than their last selling prices and 4 stocks with offers that were lower. […]
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[…] at $4.80, Guardian Holdings with 42,132 shares traded for $558,721, gained 1 cents to $13.25, Massy Holdings traded 1,840 shares, to close at $68.24. National Enterprises traded just 17 units to end at $17.50, […]
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[…] and the Cross Listed Index remained at 41.63. Gains| Stocks increasing in price at the close are, Massy Holdings in trading 1,915 shares, closed at $68.24, down a cent. Sagicor Financial Corporation contributed […]
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[…] and ended 4 cents higher at $1.445 Declines| The stocks declining at the end of trading are, Massy Holdings traded 100 shares to close with a loss of 2 cents, at $68.45 and National Commercial Bank with […]
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[…] Index lost 0.01 points to end at 41.98. Declines| The stocks declining at the end of trading are, Massy Holdings added 8,158 shares valued at $558,800 and lost 6 cents, to close at $68.49, followed by National […]
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[…] Citizens Bank traded 1,000 shares, to close at $36.76, Grace Kennedy traded 6,336 shares at $3.84, Massy Holdings had 614 shares changing hands at $68.55 and Sagicor Financial with a volume of 38,100 shares, traded […]
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[…] shares to close $13.50, Jamaica Money Market Brokers had 500 shares changing hands at 45 cents, Massy Holdings traded 22 shares to close at $68.55, Trinidad Cement with 3,200 shares ended at $2. IC bid-offer […]
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[…] Ansa Merchant Bank traded 78 units while adding a cent to close at new 52 weeks’ high of $39.41, Massy Holdings traded 23,613 shares valued at $1,618,907 to close with a gain of 1 cent at $68.56. Sagicor […]
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[…] First Citizens Bank with 9,256 shares traded for $338,598, close with a 8 cents gain at $36.61 and Massy Holdings put on 9 cents while trading a mere 706 units, to close at $68.60. Declines| The stocks declining […]
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[…] Citizens Bank contributing 12,650 shares with a value of $461,859, to gain 2 cents at $36.52 and Massy Holdings with 56,747 shares changing hands, for a value of $3,887,171, closing at $68.51, with a cent gain. […]
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[…] Investment Fund with 32,308 shares valued at $712,391, increased by 5 cents to end at $22.05 and Massy Holdings contributed 7,093 shares with a value of $ to end at $68.52 with a gain of a cent. Declines| The […]
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[…] Merchant Bank trading 145 shares to close with a gain of 1 cent, at $39.34, a new 52 weeks’ high, Massy Holdings traded 1,720 units with a 1 cent gain, to end at $68.51 and West Indian Tobacco increased by 5 cents […]
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[…] First Citizens Bank gained 2 cents to $36 while trading 26,303 shares with a value of $946,904 and Massy Holdings closed with 4 cents gain to end at $68.50 while 7,130 shares traded. Firm Trades| Stocks closing […]
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[…] at the close are, Jamaica Money Market Brokers added 4,500 shares with a cent gain, to 46 cents, Massy Holdings gained 6 cents in trading 198 units at $68.49, S, Prestige Holdings traded 1,052 units with a gain […]
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[…] and remained at $22, First Citizens Bank with 3,500 shares, valued at $125,825 to end at $35.95, Massy Holdings contributed 10,935 shares with a value of $749,048 to close at $68.50 and West Indian Tobacco traded […]
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[…] Money Market Brokers with 68,624 shares changing hands for a value of $30,807, closed at 45 cents, Massy Holdings with 3,115 units closed with a 2 cents gain, at $68.53 and Trinidad Cement with 32,500 shares for a […]
[…] quarter profits fell before rebranding cost to $175 million versus $208 million in 2014. In 2014, Massy group incurred $59 million in rebranding before tax and would have suffered a decline in both the […]