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Massive profits for Neal & Massy

PORT OF SPAIN — The Neal & Massy Group has recorded a $401 million profit before tax for the first half of its financial year ended March 31, 2013.

Its profit for the year from continuing operations (profit after tax) was $285 million.

For the same period last year, the group earned before tax profits of $385 million, and $275 million in after tax profits.

“The group’s revenue for the half year grew by 0.4 per cent, reflecting the flat and weak economies in the region, and our exit for, the international inward reinsurance buisness,” chairman Arthur Lok Jack said in a published statement Wednesday.

The company reported strong profits before tax improvements in its automotive, insurance and Guyana operations.

PBT in the energy & industrial gases and integrated retail business units declined.

“PBT from the group’s continuing operations produced a modest growth of 4.2 per cent over the prior year,” Lok Jack said.

The group’s financial condition and balance sheet remained strong.

Total assets increased to $8.6 billion and the group’s working captial also improved.

The group also recently signed a project Development Agreement with Mitsubishi Corporation, Mitsubishi Gas Chemicals Company, and the T&T government for the construction of Phase One of a petrochemical complax for dimethylene ether in La Brea, in which Neal & Massy will have a minority 13 per cent interest, Lok Jack said. (Express)

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