Ansa McAl reports profit

The Ansa McAl Group has reported a $179 million profit in the first quarter of this year.

Group chairman A Norman Sabga said so in a statement attached to the groups unaudited financial results for the three months ended March 31, 2021.

"I am pleased to report that our first quarter 2021 was far more favourable than last year when the covid19 pandemic created many uncertainties for our various businesses." He said, "While our revenues were down six per cent to $1.403 billion, our profit before tax was up $111 million to $179 million or 163 per cent."

Sabga continued, "During this first quarter, the mark-to-market non-cash losses in 2020 in our insurance and financial services segment were not repeated which resulted in a significant improvement in our year over year profit."

He added, "Broader increases in profitability came as manufacturing output in our construction and beverage businesses began to improve, and as most of our sectors sustained the cost-efficiencies they implemented in their forward approach towards addressing the uncertain market conditions."

Sabga was pleased with the group completing its acquisition of the Bank of Baroda (TT) and from April 6 "we rebranded to ANSA Bank, where new and exciting ways of doing business will emerge to the benefit of our customers."

He was confident that the group has "built sufficient liquidity to protect our balance sheet during these unpredictable times and have reserves to fund expansion plans during the global recovery."