Massy’s profits increase by 20% in third quarter

Massy Holdings Ltd reported a 20 per cent increase in profits for the nine months ended June 30.

In its consolidated financial results released on Friday, Massy reported $514 million (US$76.3 million) in profits after tax for the year, from $10.3 billion in revenue in Q3.

The year before Massy earned $427 million in profits after tax from $9.2 billion in revenue.

Subsidiaries also showed growth in profits before tax with the integrated retail portfolio increasing by 19 per cent; motors and machines portfolios increasing by 14 per cent and the gas products portfolio increasing by 11 per cent.

CIG and Massy wood associate companies were $8.6 million below prior year.

Robert Riley chairman of Massy Holdings Ltd – in his statement – expressed condolences for the death of Allanlane Ramkissoon, who died on June 15 after an accident at NiQuan Energy Trinidad Ltd..

“We continue to provide support to his family. Investigations into the cause of the incident at the NiQuan plant are ongoing. Our group is committed to ensuring that lessons are learned to ensure safe working conditions for all our employees and stakeholders,” he said.