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The ANSA McAL Group has reported that its profitability crossed the half-billion dollar mark with net earnings for the nine months ended September 30 of $509 million. Profitability for the same period last year was $517 million. A Norman Sabga, chairman and chief executive, stated that the Group’s earnings per share of $2.47, (2008: $2.54), represented a “commendable performance against a backdrop of contracting regional markets.”
Stating that the Group’s cost containment programme continues to work well, Sabga said its total finance costs, which declined by 20 per cent, was driven by an aggressive repayment of debt of more than $250 million. “A further repayment of over $100 million is planned before year end,” Sabga reported. “It is also reassuring to note that even in a difficult economic environment, the Group’s net asset position has grown by 10 per cent.
(Taken from the Trinidad Guardian – http://guardian.co.tt/)