GODDARD ENTERPRISES LTD (GEL) recorded a 19.9 per cent increase in net earnings for the year ended September 30, 2010.
According to the company’s annual report, net profit increased from $32.8 million in 2009 to $39.4 million last year.However, revenue for the local conglomerate with businesses in more than 20 countries stood at $877.8 million – 1.3 per cent below the prior year’s $889 million.
Chairman Joseph Goddard and managing director Martin Pritchard noted that this reflected an eight per cent decline from levels achieved in 2008 before the full effect of the global economic crisis was felt.
Net earnings attributable to equity shareholders of the company increased by 21.5 per cent to $27.5 million, resulting in basic earningsper share of 46.1 cents compared to 28 cents in 2009.
The directors said finance costs declined from $13.8 million in 2009 to $12.4 million in 2010 due to a marginal fall in interest rates and a net repayment of long term loans during the year.
“Our share of income from associated companies increased from $2.2 million to $10.3 million this year mainly due to an improved result in our insurance company which was attributed to the inclusion of a large realised gain on sale of equity securities,” they said.
Meanwhile, the net asset value per share reached $7.77, up 33 cents on 2009.
The directors noted that with the share price trading at $5.89 at year-end, this differential represents good value for potential investors and hopefully will be reflected in increased trading of shares on the Barbados Stock Exchange.
They noted that rating agency CariCRIS had maintained the group’s rating at Cari AA-.
