Maroc - NEWSDAY.CO.TT - A la Une - 06/Nov 10:38

TCL reports $86m in profits

TCL Group has reported $86 million in profits for the quarter ending September 30, in its consolidated interim financial report shared on the TT Stock Exchange’s website. The quarterly results reflected a significant increase from the same period the year before when it earned $34.6 million. Chairman David G Inglefield and managing director Francisco Aguilera Mendoza in the directors’ statement attributed the increase to higher revenues, effective cost optimisation initiatives and the positive impact of improved market conditions. The group earned $607 million in revenue for the quarter, up from $522.4 million in revenue for the same period the year before. Operating earnings stood at $149.5 million as compared to $43.8 million the year before. Earnings before tax for the quarter stood at $141 million as compared to $43.7 million the year before. The directors said the growth in earnings was mainly due to robust sales in Jamaica and Guyana, along with favourable pricing across the region. This compensated for lower domestic sales in TT, the directors said. "Approximately 88 per cent of this increase is attributed to the better performance of our operation in Jamaica, while TT, Guyana and Barbados contributed four per cent each," the directors said. They added that the result was also because of implementation of a strategic restructuring programme in 2025, which also reduced administration expenses. The directors noted that Hurricane Beryl, which hit St Vincent and the Grenadines and battered Jamaica’s southern peninsula as a tropical storm, adversely affected the performance of the group in 2024. Despite the quarterly performance, the group saw a decrease in profits for the year ending September 30, 2025. The group saw an increase in revenue for the year, reporting $1.8 billion in revenue as compared to $1.7 billion for the same period the year before, driven by increases in the group’s performance in Jamaica and Guyana. However, lower sales in TT and increased expenses from fixed asset impairments, restructuring costs in Barbados cut the profits down to $159.6 million, as compared to $210.6 million for the same period the year before. The post TCL reports $86m in profits appeared first on Trinidad and Tobago Newsday.