Massy revenues fall regionally, but up in Guyana by $100 million

(Trinidad Guardian)While the revenues of Massy Holdings Ltd fell in most of the countries identified in its 3rd Quarter (Q3) segment information, the conglomerate’s sales were up in Guyana by approximately $100 million or 13.3 per cent for the nine months ended 30th June, 2020.

In the company’s Q3 financial report, Chairman Robert Bermudez said: “During this period (Q3), in which most countries were under lockdown and curfew orders for much of the quarter, almost all companies in the Group were negatively impacted.”

Bermudez also highlighted that in spite of this, “Massy Services in Guyana” was one of the notable exceptions.

The other line item that displayed a revenue increase of $20 million or 14.5 per cent for the nine months ended 30th June, 2020 in Massy’s Q3 segment information was labelled “Other”—which possibly comprises Massy’s financial services offered in countries like the Cayman Islands, Aruba, Turks and Caicos and Belize.

Massy’s revenues in T&T ($3.5 billion), Barbados ($2.2 billion), the Eastern Caribbean ($989 million), Jamaica ($488 million) and Colombia ($980 million) all decreased by 8.7 per cent, 0.9 per cent, 1 per cent, 7.9 per cent and 11.4 per cent respectively for the nine months ended for the conglomerate’s fiscal 2020.

Meanwhile, the only segment in the company that saw an increase in revenue and profit before tax for the nine months ended 30th June 2020 was Integrated Retail, which posted $5.5 billion in sales (up by $149 million or 2.8 per cent) and $253 million in earnings before income tax (up by $4.9 million or 2 per cent).

Massy also reported profit after tax of $367 million for the first nine months of its financial year, which decreased by 11.7 per cent when compared to the net income of $416 million for same period in 2019.

The conglomerate registered revenue of $8.6 billion for the nine months ended June 30th 2020, which was 4.6 per cent down from 2019’s $9.1 billion.

Additionally, the group recorded a 19 per cent decline in its after-tax earnings for its third quarter, from April 1st to June 30th, 2020.

Nonetheless, Bermudez said that group’s strategy, which was articulated in its 2019 Annual report—is working. The approach allocated focus to three main industry portfolios: Integrated Retail, Gas Products and Motors and Machines.

These three areas represented the most profitable segments in Massy for the nine months ended June 30th, 2020.

Bermudez added that the group’s values, purpose and governance structure “provide sufficient commonality to leverage the Group’s collective strengths while releasing the creativity and performance that comes with greater autonomy.”