Banks DIH chalks up $1.3 billion before tax profit at the end of March

May 22, 2010 | By | Filed Under News 

Brewery giant Banks DIH Limited has chalked up profit amounting to $1.3 billion (before tax) six months into the company’s financial year.
According to chairman, Clifford Reis, the unaudited profit before tax for the company for the six months ended March 31, 2010, and profits showed $1.388 billion as against $1.033 billion achieved in 2009.
The company has also reported a 13.2 percent increase in its third party revenue for the half year ending March 31, last, with the Group recording $8.93 billion, as compared to $7.89 billion for the corresponding period in 2009.
The company, in a press release yesterday, said that the directors approved an interim dividend of $0.14 per share unit to be paid to all shareholders whose names appear on the register as at May 8, 2010.
This resulted in a dividend payment of $140 million in comparison to $120 million approved last year.
Citizen’s Bank Inc. achieved an unaudited profit after taxation of $261.0 million compared to $255.1 million in 2009.
Mr. Reis said that the improved results achieved by the Company in the first half of the year came mainly from increased dollar sales, physical growth in case sales, efficiencies derived from the restructuring of the Company’s operations and the agreement with the Guyana Revenue Authority (GRA) on the company’s approach to excise tax determination.
He cautioned: “The remaining six months will be challenging with the continuing effects of the Global Economic Crisis and the frequency of price increases for fuel. Nevertheless, the Directors are optimistic that the performance for the financial year 2010 will show an acceptable level of growth and will continue to improve shareholders’ value.”
Mr. Reis expressed appreciation to his fellow Directors for their support and guidance and thanked customers, shareholders and employees for their confidence placed in the Group.

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