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Port of Spain – The Trinidad-based regional conglomerate, Massy Holdings, which recently announced plans to be listed on the Jamaica Stock Exchange (JSE), has posted a 20 per cent increase in profits for the second quarter in comparison to the same period last year.
Massy, which has operations in several Caribbean countries, said that it had taken the decision to apply for the cross-listing of the company’s shares on the JSE.
“The board considered the market sophistication and growth opportunities evident in the Jamaican securities market which has become increasingly more dynamic over the past few years,” Massy said in a statement, adding that it expects once the application is approved, it will drive a greater interest in the company’s shares, which would benefit all shareholders.
Massy first-quarter profits up by 20%
Robert Bermudez
MASSY HOLDINGS Ltd posted a 20 per cent increase in profits in their second quarter (January March 2021) in comparison to the same period last year.
In a chairman’s report in its unaudited financial statements, Massy Holdings announced it went up to $314 million in profits after tax as compared to the same period in 2020, where they garnered $263 million. The group’s earnings per share also grew by 24 per cent, climbing from $2.41 per share last year to $2.98 per share this quarter.
It, however, declined in third-party revenue by one per cent.
The group’s main business portfolios experienced interruptions because of a decline in activity, stock and demand, some of which was related to covid19, but the new active management of investment portfolios brought gains which offset the poor performance in other areas.