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Prestige Holdings’ profits down
For the first half of 2018, Prestige Holdings Limited’s revenue increased by three per cent to $521 million.
However, profit after tax decreased by 16 per cent to $13.4 million from $15.8 million in the previous year. Earnings per share were 21.5 cents—16 per cent below what was earned for the corresponding period in 2017.
Chairman Christian Mouttet said the group’s latest financial results were in line with its performance for the first quarter.
“The difficult economic environment in Trinidad and Tobago continues to weigh on consumer demand and pricing discretion. Additionally, as mentioned in my first quarter report, food cost inflation remains a challenge, driven by higher currency conversion costs and higher food cost inputs,” he said.
“Despite the macro-economic environment, we are confident that with our strong brands, there are opportunities for improved performance through better execution, improved operations and by continuing to drive demand through relevant and attractive value meal offerings.”
Mouttet said there are initial signs of improved macro-economic performance but he does not expect any significant improvement in consumer sentiment in the second half of the year.
“Having said that, we are executing on a number of initiatives that we fully expect will add value and improve performance as we move forward,” he said.
Mouttet also announced that after eight years as CEO of Prestige Holdings, Charles Pashley was stepping down.
He said Pashley had spent 18 years in the wider Victor E Mouttet Limited group, including 10 years as CEO of Smith Robertson and Company Limited before taking on the leadership position at Prestige Holdings.
“In both positions and throughout his entire tenure, Charles has been a strong team builder and brought a high level of passion, dedication and energy to his position. On behalf of the board, I would like to sincerely thank him for the significant contribution that he has made to our company, and to wish him every success in his future endeavours,” he said.
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