GODDARD ENTERPRISES LIMITED (GEL) continues to keep a step ahead of hard times, earning $64.7 million in “profit from operations” last year.
News of this $18.3 million increase and other aspects of the Barbados-based conglomerate’s operations were detailed in its 2014 annual report and discussed with shareholders at GEL’s annual general meeting, held last Friday evening at the Errol Barrow Centre for Creative Imagination.
The company’s directors said the performance was achieved “in spite of the flat economies that we faced across the Caribbean for the better part of the year”.
In their report for the financial year ended September 30, 2014, GEL’s directors said consolidated group revenue was $954.1 million, compared to 2013’s $962.6 million, while earnings per share was 62.1 cents, compared to 35.3 cents in 2013.
“Despite some signs of improvement, the Caribbean economies continue to be plagued with high unemployment rates, high debt burdens, and challenging fiscal adjustment programmes.
“In some of the tourism-dependent economies there has been some marginal recovery in stay-over arrivals,” they said.
“Closer to home, the Barbados economy continues to struggle. The Government has implemented fiscal adjustment programmes while unemployment climbed to an estimated 11.7 per cent.
“Barbados’ economic fundamentals continue to be weak. Competitive and other structural shortcomings, and recently announced tax reforms, continue to paint a bleak outlook for the country.” (SC)