Secretary of Finance and Enterprise Development of the Tobago House of Assembly (THA) Joel Jack is part of the local delegation accompanying Finance Minister Colm Imbert on an international multi-...
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Angostura profit up $74 million
Angostura Holdings’ profit increased by $74 million or 36.8 per cent, according to the company’s consolidated financial statements for the year ended December 31, 2013. The statements were audited by KPMG chartered accountants and released April 3. Angostura’s after-tax profit for the year rose from $201.5 million in 2012 to $275.7 million in 2013. Although its profits soared, the company best known for its rums and bitters, reported that revenue from alcohol in 2013 fell to $544 million from $554 million in 2012.
Revenue from its non-alcohol operations rose from $94.18 million in 2012 to $118.47 million in 2013. Angostura said it ended the year with $164.99 million in land and buildings, up from $152.24 million in 2012. However, the company added: “The group’s land and buildings are subject to revaluation every five years and were last revalued on December 31, 2009 by qualified independent experts. “The next revaluation is due in 2014 in accordance with the accounting policy of the group entities.”
None of the group’s property, plant or equipment is pledged as security for borrowings, the company said in its April 3 statement. In 2012, some of it was. Angostura Holdings Ltd is a holding company whose subsidiaries are engaged in the manufacture and sale of rum, Angostura aromatic bitters, other spirits, the bottling of beverage alcohol, other beverages on a contract basis and the production and sale of food products.
The consolidated financial statements of the company as at and for the year ended December 31, 2013 comprise the company and its subsidiaries. The company’s principal subsidiaries are Angostura Limited and Trinidad Distillers Ltd, both of which are wholly owned by the holdings company.