ANSA McAL has best first half ever

(Trinidad Guardian) In the midst of the global economic downturn and a slow recovery, the ANSA McAL Group of Companies has recorded its best first half results with a profit of TT$426 million before tax. Norman Sabga, group chairman and chief executive of the ANSA McAL Group of Companies, made the announcement on Thursday during the company’s release of its unaudited results for the six months ended June 30 at the ANSA McAL headquarters at the TATIL building in Port-of-Spain. Stating that “these are the best results in the company’s history” Sabga proudly said that the group’s revenues went up by TT$46 million over the comparable period in 2010, profit before tax increased by TT$24 million or six per cent, earnings per share (EPS) improved by eight per cent and net profit margins improved by one per cent. He also noted that it was the best six-month EPS performance, which stood at TT$1.64, ahead of 2008 peak of $1.58.

“The financial sector has more than offset declines in the other sectors,” he said. He also pointed to the success of its overseas operations that includes a chain of supermarkets, which ANSA McAL owns outright as opposed to 40 per cent in 2010. Sabga said that in the second month the supermarkets made a profit after five years of negative growth.The BMW franchise, he said, was also contributing positively. Notwithstand-ing the positive results, Sabga said there is always room for improvement.

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