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Angostura profits dip 19 per cent
Angostura Holdings Ltd (AHL) is reporting a 19.4 per cent decrease in profit after tax for the six month period ended June 30, 2017.
According to the company’s financial statements, (AHL) reported profit after tax of $42.9 million as at June 30, 2017 as compared to the comparable period last year when the company recorded after tax profits of $53.2 million.
Angostura chairman Rolph Balgobin said the company’s performance reflects production constraints driven by “challenges with our waste water treatment facility and supply chain which have impacted the shipments of branded and bulk rum to export markets.”
He added that “operational improvements are continuing however the results reflect the impact of constrained manufacturing throughput due to these factors.”
Looking at both its international and local markets, Balgobin stated that in the international market, branded rum and bitters maintained sales levels in key markets.
Referring to the local market he added that “rum, bitters and LLB have performed well, despite economic challenges facing T&T.”
According to the financial statements revenue from branded trade amounted to $173 million at the end of June 2017, compared to $226.6 million the previous year.
Looking at commodity trade, the revenue generated in that segment amounted to $67.8 million compared to the prior year which was $52.3 million.
Cash and cash equivalents for the period ended June 30, 2017 amounted to $187.9 million versus $151.1 million for the comparable period in 2016.
Balgobin confirmed that internal transformation work was being undertaken, but that expenses had been managed “carefully.”
An interim dividend of $0.09 per share has been approved by the directors.