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Prestige Holdings after tax profits fall 24%

Tuesday, October 10, 2017

Prestige Holdings Limited (PHL) has recorded a 24 per cent decline in its after-tax profits for the first nine months of its fiscal year ended August 31, despite the fact that the company registered a 6 per cent increase in group revenue for the same period.

According to the company's published 3rd quarter results, "profit attributed to shareholders decreased by 24% to $27.7 million from $36.6 million the year before".

Commenting on the company's performance, PHL chairman Christian Mouttet said that in spite of an overall improvement compared to the first half of the year, "the economic environment in Trinidad and Tobago continues to be challenging".

Mouttet added that while overall sales improved relative to the same period last year, these gains were "more than offset by higher operating costs and commodity prices, foreign exchange constraints and the higher cost associated with this, continued labour challenges and the higher income tax rate."

The PHL chairman said that while the environment remains challenging, the company was focused on strengthening its market position and new restaurant openings.

"At the end of August, we opened our fifth Starbucks restaurant at Munroe Road in Chaguanas. Our sixth Starbucks restaurant is scheduled to open in December 2017, which will be in the new financial year "

Moutted noted that he expected economic activity in T&T to remained subdued