Barbados’ economic and fiscal challenges have turned out to be a big “wrestle” for a regional conglomerate which owns several companies here.
ANSA McAL Group chairman and chief executive A. Norman Sabga, singled out the island as the “contrast” in its operations.
BARBADOS BUSINESS AUTHORITY recently reported that the Trinidad and Tobago enterprise earned record profits last year and in his official report on financial year 2013, Sabga said there was a decline in all sectors where his organisation had businesses in Barbados.
“Growth in key sectors in the group came from the improvement in the execution of our business plans, cost management and a sharper focus on delivering on our investments,” he said.
“By contrast our Barbados operations continue to wrestle with the constraints imposed by macroeconomic fiscal adjustment. Despite this and the resultant drop off in demand across all sectors, a systematic approach of restructuring each organisation to better align with the new market realities has improved the bottom line performance of our businesses.
We remain confident and focused on initiatives to further improve efficiency and opportunities for investments in future growth.”
Sabga said while the major challenges for the company’s business were in Barbados, officials were operating with the knowledge that other regional markets were also facing economic difficulties.
“As we reflect on our success as a regional conglomerate, we are also acutely aware of the economic and social challenges in our Caribbean markets as well as the growing sophistication of the competition at home and abroad.
Fortunately, we are also constantly restless, examining the performance in every company of every sector for new business opportunities and ways to improve what we do, and the innovation to do better,” he said.
“While most of our region lies becalmed, the Guyana economy maintained modest momentum in the period. In spite of foreign exchange challenges and rising inflation, our business on the South American continent delivered double digit growth for the fifth consecutive year.” (SC)