Massy posts $188m profit, pledges support for small, medium businesses

The Massy group recorded a $188 million profit for the first quarter of fiscal 2021 (ended December 2020), 13 per cent more than the same period last year. In its first quarter unaudited financial report, filed Friday, the regional conglomerate acknowledged the ongoing challenges of the covid19 pandemic.

Notwithstanding these challenges, including restrictions on movement, the group said it started the new year well, even as it expects similar pandemic conditions in all countries in which it operates to last for the rest of the fiscal year. Vaccines, crucial to post-pandemic recovery, might take some time to the region on a scale to dramatically change the current situation, the company said.

“As we begin (fiscal) 2021, we see the portfolio structure of the group continuing to provide more autonomy and participation for executives and professionals… to drive the success of the business (through) creativity and ambition,” chairman Robert Bermudez said in his statement. He said Massy portfolios and lines of business have been able to adjust to changes in their industries and inspire teams to adapt strategies and operations to keep growing core business.

The group will continue to do its part to assist the countries in which it operates, he added, through securing food, pharmaceutical products, cooking and industrial gases, and transportation and construction equipment supply during these uncertain times. It will also continue charitable contributions, including investment in its Nudge initiative to support nurturing and growing entrepreneurs and small and medium businesses in the region. “We view this as critical for rebuilding our economies from the impact of the covid19 pandemic,” Bermudez said.