$90.9m profit for Angostura
Local rum producer Angostura Holdings Ltd continues to improve its financial performance.
The Laventille-based company yesterday announced an after-tax profit of $90.9 million for the six-month period ended June 30.
In a published unaudited financial statement, Angostura chairman Gerald Yetming said the group produced "solid results" for the period under review.
"Despite a reduction in our top line versus the same period last year, the gross profit for the period has exceeded 2011 levels by $6.6 million, or 3.8 per cent. Our profit after tax of $90.9 million reflects a $63.7 million improvement versus the same period of the prior year and our (earnings per share) for the period is $0.44. We note, however, that included within reported profits are foreign exchange gains of $16.8 million," he said.
Angostura has continued to manage its foreign exchange exposure and during the second quarter negotiated the settlement of one of its euro facilities at a favourable rate, "allowing us to realise foreign exchange gains of $9.1 million", he stated.
"I also note that during the second quarter we concluded the sale of our last remaining active foreign-based subsidiary (Suriname Alcoholic Beverages in Suriname). This entity no longer fits our strategic direction and has therefore been removed from the group," Yetming added.