ANSA McAL (BARBADOS) LTD recorded a massive 44 per cent increase in profit before tax from continuing operations for the year ended December 31, 2010.
According to a recently published consolidated statement, pre-tax profits increased to $16.7 million from $11.6 million in 2009.
Total comprehensive income for the year also jumped from $8.6 million in 2009 to $12.6 million.
However, given the negative impact of the global recession on Barbados’ economy, turnover was down 5.4 per cent to $332.6 million.
In their report, chairman Stephen Edghill and president and chief executive officer David Inglefield said all sectors were affected.
“It should be noted that despite the decline in turnover, increased profitability was achieved due to improved efficiencies, better working capital management and a rigorous control of expenses,” they said.
The directors pointed out that during the year, ANSA McAL (Trinidad) increased their shareholding to 97.5 per cent as part of the group’s consolidation strategy in the region.
Cash and cash equivalents at the beginning of the year stood at $48.3 million compared to $21.6 million in 2009, while cash equivalents at the end of the year stood at $16.2 million, down from $48.3 million in 2009.
Earnings per share from continuing operations increased from $0.79 to $1.12
As at the end of fiscal 2010, ANSA McAL showed total assets of $534.5 million, better than the $521.1 million in 2009.
