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Agostini’s Q1 profit up 24 per cent
Agostini's is reporting Profit after tax of $60.1 million for its first quarter ended December 31, 2017.
This figure represents an increase of 24.7 per cent compared to the previous year when the company registered $48.2 million in after tax profit.
Agostini's chairman Christian Mouttet said its improved first quarter performance was as a result of “tight cost management, lower corporation tax as a result of tax benefits associated with acquisitions made in the first quarter of the prior year, and improvements in the performance of our FMCG businesses in T&T and in the region.”
Looking at its segmented revenue, the company's Fast Moving Consumer Goods (FMCG) segment generated the highest revenue of all its divisions in the first quarter.
In 2017, FMCG revenue of $625 million was reported as compared $587 million for the same period in 2016.
Commenting on its other business segments, Mouttet said the company experienced lower sales in the distribution side of its pharmaceutical and personal care business adding that “while retail sales improved due to new store openings, we are experiencing a weaker consumer environment.”
On Agostini's outlook for the rest of the year, Mouttet noted that despite the "reasonably good start" the company has had at the start of it's financial year, he remains "cautious about making forward-looking statements"
He added such a stance was "the result of the continued neconomic challenges in Trinidad and Tobago and the region, and the difficulties and the cost of obtaining foreign exchange."
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