S. L. Horsford & Co reports over EC$8 million in profit before tax for 2013, Group sales top EC$120 million
Basseterre, St. Kitts (CUOPM) — S. L. Horsford and Co. Ltd is reporting profit before taxation of over EC$8 million in 2013.
According to the company’s Chairman, Mr. Anthony Kelsick, the results for 2013 are encouraging as they show a significant improvement over those of 2012.
“Income before taxation of EC$8.4 million is an improvement of EC$3.9 million or 86.4 % over 2012. Similarly Income after taxation of EC$5.4 million exceeded 2012 by EC$2.9 million or 117.74%. Total Comprehensive Income was EC$5.1 million versus EC$2.5 million for 2012. Turnover or group sales for 2013 was EC$120.8 million versus EC$113.8 million for 2012, an improvement of EC$6.9 million 6.15%,” said Mr. Kelsick.
He said the improvement occurred in the second half of 2013 and reflects the return to growth in the St. Kitts and Nevis economy in 2013.
“This improvement was experienced in all our operations. Gross profit increased by EC$1.3 million or 4.89% to EC$28.1 million. However Other Income declined slightly by EC$640,173 to EC$8.1 million resulting in a net increase to Total Income of EC$671,113 or 1.89 % to EC$36.2 million. Expenses decreased by EC$1.2 million or 3.75 % to EC$31.7 million. This decline in expenses was due to careful cost containment measures engaged in during the year. The most notable of these were reductions in electricity costs included in Administrative Expenses and reductions in bad debt expenses reflected in Other Expenses,” the S.L. Horsford Company Chairman said.
Mr. Kelsick disclosed that Profits before Results of Associated companies increased by EC$1.9 million or 71.97 % to EC$4.5 million.
“Share of Results of Associated Companies was EC$3.9 million, an increase of EC$2 million or 106.58 % over 2012. This increase was due to the sale of two large properties by our associated company, St. Kitts Developments Ltd, to developers. Income tax Expense was EC$3 million, which is an effective rate of 35.47 % versus the effective rate of 44.76 % in 2012,” said Mr. Kelsick.