Profit falls at Massy

Massy LogoThe results for the nine months for Massy Holdings showed improved profit after tax for both the nine months and the third quarter ending June, in reality profits from normal operations fell in both periods. Revenues increased by 12.7 percent to $9 billion for the first three quarters of the 2015 financial year from $8 billion, due mainly to the acquisition of a subsidiary in Columbia in the last quarter of 2014 that contributed $650 million to revenue and $10 million to pretax profit.
Profit before tax increased by 5 percent from $558 million to $586 million. For the June 2015 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 quarter and nine months results, excluding this one off cost. Additionally, there was increased interest expense of $29 million above that of 2014 from raising $1.2 billion in 2014 to refinance short-term debt and to fund new projects. Earnings per share for the nine months come out at $3.95 and $1.19 for the June quarter.
Operating profit before finance costs declined to $180 million from $208 million, for June 2014 quarter and for the six months $625 million versus $616 million.
During the nine months, the Insurance division contributed 23 percent more to revenues to reach $249 million percent, and delivered $36 million to profits up from $26 million in 2014. Automotive & Industrial Equipment had revenues of $1.78 billion and profit of $171 million, for 2014 revenues amounted to $1.58 billion with profit of $154 million. Retailing had revenues of $5 billion compared with $4.6 billion and profit of $268 million in 2015 versus $273 million in 2014. Energy & Industrial Gases saw slightly lower profit of $154 million versus $168 million in 2014 from revenues $1.15 billion in 2015 and $772 million in 2014. Information technology revenues of $410 million slightly higher than the $414 million in 2014 and profit of $45 million from $53 million and Other Investments experienced revenues of $349 million, down on the $374 million in 2014 and profit of $60 million from $71 million.
Massy had lower revenue in the critical and home market with reports indicating a contraction in the economy and continued tightness in the Eastern Caribbean markets. With oil prices set to remain at low levels for a while the company could be challenged to grow profits in the near term.

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  1. […] Trinidad based conglomerate Massy Holdings reported improved 2015 results with net profit of $252 million attributable to shareholders for the […]

  2. […] at $6.10 with a 5 cent gain while 6,000 units changed hands. Declines| The sole stock trading is Massy Holdings that suffered a decline of 1 cent to end at $61.47 for a 52 weeks’ low while trading only 10 […]

  3. […] with bids higher than the last selling price and 7 stocks with offers that were lower. Declines| Massy Holdings had 75 shares changing hands with a loss of 2 cents to end at a new 52 weeks’ low of $61.48. Firm […]

  4. […] with a gain of 1 cent to a 52 weeks’ high of $3.16 with 5,000 shares changing hands. Losses| Massy Holdings traded only 3 shares, the price ended with a loss of 2 cents at $62.46. Firm Trades| First Citizens […]

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