Prestige profit fall blamed on T&T economy

Prestige Holdings brand – TGIF


For the first half 2017 Prestige Holdings revenue increased 6 percent to TT$505 million but profit before tax decreased by 24 percent to $24.6 million, from $32.2 million in the previous year.
Profit attributed to shareholders decreased by 31 percent to $15.8 million, from $23 million the year before, as cost rose faster than income by 9.6 percent while revenue was up 6 percent.
Earnings per share were 26 cents for the 2017 half year. Gross profit margin held at 35 percent for both quarters in 2017 a 1 percentage point slippage from 2016 six months period resulting in profit for the May 2017 quarter ending at $6.7 million after tax compared to $10.6 million in 2016.
Earnings per share were 26 cents for the 2017 half year. The results were generated from an average of 119 restaurants. “The difficult economic environment in Trinidad and Tobago continues to weigh heavily on many sectors of the economy and on consumer spending. Despite this trend, across the majority of our restaurants we experienced stable or improved sales as a result of the strong market position of our brands, as well as attractive and innovative value food offerings. However, profitability fell short of prior year as a result of higher food costs and other inputs as a result of higher commodity prices, the depreciation of the Trinidad and Tobago Dollar and the higher tax rate, when compared to the corresponding period in 2016,” Christian E. Mouttet, Chairman of the company told shareholders in a written report accompanying the results.
The company indicates that they are implementing initiatives on containing cost driving sales and transactions of all our brands.
A fourth Starbucks restaurant was opened in May 2017 at Gulf City Mall in San Fernando, and the company plans to open at least one more Starbucks restaurant in this financial year.
“While we do not anticipate any improvement in the Trinidad and Tobago economy in the second half of 2017, we expect to maintain the positive sales experienced in the first half. We also expect that the initiatives to manage our higher costs coupled with new and innovative menu offerings will yield an improved performance in the second half but the full year’s performance will not likely be comparable to the prior year,” the chairman further stated in commenting on the company’s outlook.

The stock which is listed on the Trinidad and Tobago Stock Exchange, last traded at $10.64, but had no bids on Friday with an offer at $10.74 to sell 750 units.

Huge change in Jamaica’s CARICOM non-fuel trade

Caricom_logo150X150 While imports from CARICOM for the first quarter of 2014 rose over the similar period in 2013, the figures mask the huge progress Jamaica made in in the non-fuel trade balance with Caricom partners. The value of nonfuel imports from CARICOM fell in the first three months of 2014 while exports jumped, albeit from a low level. Imports fell to US$64 million from US$73 million in the comparable 2013 period and exports jumped 63 percent or $11 million to US$29 million, a $20 million improvement in the trade balance excluding fuel. Manufactured Goods valued at US$13.6 million was the major contributor to this increase in exports. Food valued at US$7.6 million, Beverages & Tobacco at US$2.2 million and Miscellaneous Manufactured Articles at US$1.8 million constituted the major commodity groups exported to CARICOM, the report from the Statistical institute of Jamaica stated.
Notwithstanding the improvement in the non-fuel imports, total mported items from Caricom rose to US$207 million for the quarter, US$44 million more than the US$163 million recorded for 2013.
Imports of Mineral Fuels, increased during the current 2014 period to US$143 million increasing by US$53 million moving from US$90 million.

Credit expansion slows in T&T

In an economy that has shown some growth but is still weak, the Trinidad & Tobago Central Bank stated recently that “overall private sector credit growth though slow, has been relatively steady thus far in 2013”.

On a year-on-year basis, private sector credit grew by 3.0 per cent in July 2013 compared with just over 2 ½ per cent in June 2013. The growth is below the rate of inflation for the year to August. Consumer lending continued to strengthen, increasing by almost 6½ per cent (year-on-year) in July from 6.2 per cent in June 2013. On the other hand, business loans contracted for the eighth consecutive month, falling by 5.0 per cent in July 2013. Real estate mortgage loans, however, maintained strong double digit growth.

Large net domestic fiscal injections along with weak credit demand contributed to a rapid build-up of liquidity levels in the financial system over the past few months. Commercial banks’ excess reserves at the Central Bank rose from a daily average of $5.4 billion in July 2013 to a daily average of $6.3 billion in August, the Central Bank stated.

T&TFlagExcess reserves increased even further to a record daily average of $8.3 billion over the first three weeks of September. While the $1 billion Central Government treasury bond offered in early August 2013 was undersubscribed, the allotment of almost $560 million helped to reduce some of the excess liquidity. Central Bank open market operations and sales of the foreign exchange also removed some of the excess liquidity from the system in July-September 2013.

The substantial expansion in liquidity has kept short-term, domestic treasury rates at record low levels, with the discount rate on 3-month treasury bills holding at 0.14 per cent in the final week of September 2013.

Related posts | T&T economy growing | T&T Inflation picks up | IMF predicts 1.5% growth for T&T

T&T Inflation picks up

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Latest available data from the T&T Central Statistical Office showed that, on a year-on-year basis, inflation rose to 5.1 per cent in August 2013 from 3.8 per cent in July 2013, and 7.9 per cent one year earlier.

This was mainly due to a rise in food inflation, which increased to 7.7 per cent in August 2013 from a low of 4.8 per cent in the previous month. Core inflation inched slightly upwards but remains stable at a little over 3.0 per cent in August 2013. While core inflation demonstrated a slight uptick in August 2013, underlying inflationary pressures still remain well contained.

Related Posts | T&T economy growing

T&T economy growing

As reported by the Central Bank of the twin island state of Trinidad & Tobago, real GDP and economic activity is estimated to have expanded at an average rate of 1.7 per cent (year-on-year) for four successive quarters to June 2013, compared with a contraction that averaged 1.6 per cent in the preceding four quarters.

“The turnaround was driven by the non-energy sector where output rose at an average pace of nearly 2 ½ per cent in the four quarters to end-June 2013. The energy sector expanded at a much slower average rate of 0.7 per cent (year-on-year) in the period, as intensified maintenance work and security upgrades posed a severe drag on the sector’s performance.

T&T_CoatofArms-black280X150The central bank went on to state that, “There are encouraging signs that the domestic economy appears to be on a path of recovery, as evidenced by four consecutive quarters of slow but steady year-on-year growth from July 2012 to June 2013. Growth has been mainly driven by the non-energy sector and this trend is expected to continue into the second half of 2013 as the planned maintenance of gas and downstream plants, which began in September 2013, is likely to impact the performance of the energy sector.”

The central bankers expressed concern, about the eight successive months of decline in business lending to July 2013 and elevated liquidity levels, both of which reflect continued caution on the part of the private sector. Against this backdrop, the Central Bank views the present accommodative monetary policy stance as appropriate to support the ongoing recovery and has decided to maintain the ‘Repo’ rate at 2.75 per cent.

The Central Bank said it will continue to nurture financial conditions supportive of the recovery, while keeping economic and monetary conditions under close review in the coming months.

Related posts | IMF predicts 1.5% growth for T&T

IMF predicts 1.5% growth for T&T

The staff of the IMF projects real gross domestic product (GDP) growth of some 1.5 percent for the economy of Trinidad and Tobago in 2013, with risks slightly to the downside, should development spending be under-executed.

The economy of Trinidad and Tobago is poised for a modest recovery in 2013 after disappointing growth in 2012 that was due largely to supply constraints, including maintenance operations in the energy sector and an industrial dispute in the non-energy sector. A release from the IMF staff who reviewed the economic data said headline inflation rose to 9.3 percent in 2012, but core inflation, which excludes food prices, remained moderate at 3.1 percent and has since fallen further to 2.2 percent in March 2013. Unemployment is low at about 5 percent, but underemployment remains significant. The external current account surplus fell slightly on increased dividend outflows, but remained high at 10 percent of GDP. Gross official reserves remained strong at US$9.2 billion at end-2012.

The central government realized a deficit of 1.1 percent of GDP in fiscal year 2011/12 (October–September), after near balance the previous year and was more than explained by a decline in energy revenues due to output shortfalls. Gross government debt increased by some 6 percentage points of GDP to a still-manageable 39 percent of GDP. Most of this increase relates to a one-off issuance of bonds relating to a failed insurance company (CLICO), about half of which is expected to be retired in 2013.

Despite accommodative monetary policy, private sector credit growth was modest. The Central Bank of Trinidad and Tobago (CBTT) cut its policy repo rate to 2.75 percent in September 2012. The CBTT continues to mop up considerable excess liquidity via voluntary term deposits by commercial banks and a recent TT$1 billion government bond. Commercial banks remain well capitalized, profitable and liquid and at the end-2012, non-performing loan (NPL) ratio fell to 5.4 percent.

T&T_CoatofArms-black280X150Executive Board Assessment | Executive Directors welcomed the signs of economic recovery fueled by growth of the non-energy sector. They agreed that the authorities’ macroeconomic policies are appropriately supporting the recovery in the near term given downside risks. Over the longer term, the policy priority should be to recast fiscal policy in the context of the country’s non-renewable resource endowment while pursuing structural reforms aimed at diversifying the economic base.

Directors commended the authorities’ adoption of a medium-term fiscal consolidation target. Specific measures should be identified, which would also improve the composition of public spending. This should include the phasing-out over time of poorly-targeted and unsustainable subsidies (notably on fuels) and transfers, while protecting the most vulnerable segments of society and priority social spending. Looking ahead, Directors recommended adoption of a longer-term strategy embodied in a fiscal framework to extend the benefits of current natural resource wealth to future generations. Increasing non-energy revenues and containing current expenditure to raise development spending over time will be important.

Directors underscored the need for structural reforms to facilitate economic diversification and improve competitiveness. In this context, they welcomed the authorities’ commitment to improve the business climate.

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