TDC reports pre-tax profit of EC$4.7million for 2012

Basseterre, St. Kitts, August 7th 2013 (CUOPM) – The St. Kitts-Nevis-Anguilla Trading and Development Company (TDC) is reporting a near EC$5 million in profit for 2012.

According to company directors, net income before taxation totalled EC$4,728,413 compared to EC$4,234,555 last year, an increase of 11.66 percent.

“As the challenges of the company’s thirty-ninth year of operations continued into its fortieth, management’s prudent oversight began to show positive results. Turnover fell 3.5% but Gross Margin was materially unchanged. Reductions in expenses were achieved in all categories, expect Operating. A large of the Operating Expenses was for utilities.

In its report, ahead of Thursday’s 40th Annual General Meeting, the Board of Directors was optimistic that early signs of a rebound in the economy of the United States, the major source of foreign investment, students and tourist point to an improved economic outlook for the Federation.

“Planned tourism related projects also give hope that long recessionary period may be ending. The construction and related sectors have become very dependent on the Citizenship by Investment Program but we are concerned about its sustainability. Additional sources of direct foreign investment will be required for a long term economic progress,” said the Directors Report.

The company has been profitable over the years with pre-tax profit of EC$3 million in 1992; EC$4.3 million in 1993; EC$4.7 million in 1994; EC$5.4 million in 1995; EC$6.5 million in 1996; EC$7.1 million in 1997; EC$8.1 million in 1998; EC$7.4 million in 1999; EC$6.5 million in 2000, EC$5.6 million in 2001; EC$7.9 million in 2002; EC$8.6 million in 2003; EC$11.2 million in 2004; EC$11.5 million in 2005; EC$12.3 million in 2006; EC$15.3 million in 2007 and EC$13.5 million in 2008.

Figures for the years 2009, 2010, 2011 and 2012 were not immediately available.