Last week we explored the idea of privatising Petrotrin and provided evidence, that privatisation improves profitability, commercial efficiency, capital investment and output.
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Angostura makes gains in non-alcoholic segment
Angostura Holdings Ltd has recorded profit after tax of $60.4 million for the six months ended June 30. Chairman Gerald Yetming said the company’s half-year results from continuing operations improved by 14.8 per cent compared to the prior year. The company’s summary consolidated financial statements show results of $82.1 million—an increase on the $71.5 million achieved in June 2013.
He said Central and South America are lucrative markets for Angostura’s non-alcoholic segment of its business and that revenue was $63.9 million compared to $47.6 million for the same period last year “The non-alcoholic segment has experienced notable growth as we take advantage of new business opportunities in Central and South America while continuing to expand within already established markets,” Yetming said.
The chairman said alcoholic brands continue to “remain strong in all regions”, earning revenue of $227.9 million The company invested $333.9 million in plant and machinery for the six months ended June 30, which was higher than the $296.7 million for the comparative period last year June 30. Yetming said this “significant investment” is aimed at ensuring that “appropriate support is available to meet the evolving needs of the business and retained profits are at a healthy level.”
Net cash and bank balances at June 30, decreased to $119.8 million compared to $180.6 million in June 2013.