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Agostini’s year-end profits up 29 per cent
Agostini’s is reporting $125 million in profit after tax for the year ended September 30, 2017.
This represents a 29 per cent increase compared to the same period in 2016.
Agostini’s chairman Christian Mouttet in his remarks accompanying the audited summary results stated that, “the focus of the group continues to be sustainable long-term growth and financial strength.”
“With these objectives in mind, we continued to build strength and competency in our core Fast Moving Consumer Goods, Pharmaceutical and Retail operations through acquisitions and the development and expansion of distribution and retail assets.” Mouttet said
Cash and cash equivalents for the year ended September 30, 2017 amounted to $160 million.
Regarding his predictions for the future, Mouttet said the company expected that the economies in the Caribbean region, with the exception of Guyana, “will continue to be challenged in 2018.”
Specifically referencing the group’s T&T market, Mouttet said “foreign exchange availability is a significant obstacle to growth and expansion and availability has not improved in the first two months in 2018.”
He added that overall, management will have to continue to be resourceful and proactive so as to manage costs carefully in order to deliver improved results in 2018.
Mouttet did not rule out more acquisitions as he said, “the group continues to pursue strategic expansion opportunities through new capital investment and acquisitions some of which are expected to crystalise in 2018.”
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