The Trinidad based conglomerate Massy Holdings reported improved 2015 results with net profit of $252 million attributable to shareholders for the quarter ending September, up a strong 32 percent over 2014.
For the year, profit rose by a much slower 15 percent to $638 million. Pretax profits grew at a slower pace of 21.5 percent for the September quarter and 10.4 percent for the full year.
The group had a poor June quarter with 24 percent lower profits of $175 million than in 2014, before cost of rebranding the group. The group operates in 6 segments but only the automotive and industrial segment showed any meaningful increase in profit, moving from $230 million in 2014 to $285 million, the others were virtually flat, with insurance and other investments suffering declines.
For the full year ongoing profit grew much less than the above stated rate as 2014 incurred $58 million in rebranding cost with virtually none in 2015. Massy generated earnings per share of $2.58 for the September quarter and $6.53 for year, up from $5.69 in 2014. IC Insider expects earnings for the full year to be around $7.50 per share. Falling oil prices on the world market could complicate the outlook for Massy as the Trinidad economy now in recession, could get worse as government put in place measures that will trim demand. The company’s other regional businesses with revenues of just under 50 percent could offset some of any possible decline in Trinidad.
Sales revenue for the quarter rose 8.3 percent to $2.98 billion, compared to $2.75 billion in 2014 and by 11.6 percent for the year to $11.94 billion.
Cash flows from operating activities amounted to $1.14 billion for the year versus $1.04 billion in 2014. The group has assets of $10.4 billion and equity of $4.4 billion and borrowings of $2.17 billion.
Massy Holdings plans expansion into new areas of methanol and DME plants being constructed. Methanol is used as a raw material in the making of traditional petrochemicals, including formaldehyde and acetic acid. DME (Dimethyl Ether) is a form of liquefied gas that can be made from natural gas or from other raw materials such as coal or biomass.
Massy’s profit jumps 32% in Q4
January 15, 2016 by
[…] 52 weeks’ low, Guardian Holdings lost 5 cents with 688 shares changing hands to close at $14.19, Massy Holdings closed with 5,060 shares traded, carrying a value of $301,069 to close 1 cent lower at a 52 […]