TDC makes EC$15.3 million in pre-tax profit for 2007
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| TDC Main Office Complex on Central Street (photo by Erasmus Williams) |
BASSETERRE, ST. KITTS, JULY 9TH 2008 (CUOPM) - The St. Kitts-Nevis-Anguilla Trading and Development Company (TDC) Group of Companies is reporting a pre-tax profit of EC$15.3 million in 2007, compared to EC$12.3 million the previous year.
The pre-tax profit of EC$15,366,989 is the biggest ever in the company’s 35th year of operations.
TDC said that after paying Corporation Tax of EC$4,822,299 and other interests, its profit is EC$10,544,690 compared to EC$7,946,040 in the previous year.
The report documented improved performance in several areas including the Automotive Divisions, Home and Building Depots, the Shipping Agencies, TDC Rentals in St. Kitts and TDC Rentals (Nevis), the St. Kitts and Nevis Finance Company Ltd. (FINCO), the St. Kitts-Nevis Insurance Company (SNIC) , Ocean Terrace Inn (OTI), St. Kitts Masonry Products Limited and MAICO, its associated insurance company in Anguilla.
TDC is attributing its success to a buoyant St. Kitts and Nevis economy as a result of preparations for the ICC Cricket World Cup and several tourism related projects, the construction industry remained very strong throughout the year. TDC noted that under the St. Kitts-Nevis Labour Party Administration of Prime Minister Hon. Dr. Denzil L. Douglas, the tourism sector continued to experience steady expansion. ~~Adz:Right~~
TDC also noted that the St. Kitts and Nevis economy also benefited from increased airlift that has resulted in the growth of stay over visitors, while the rapid expansion in the shopping facilities at Port Zante has made the island more attractive to the cruise lines.
“However, we are extremely concerned that the economic gains achieved so far may be reversed by the dramatic increase in the levels of violent crime,” said the TDC Report, calling on the government, civil society and the entire community to redouble their efforts to combat this scourge.
TDC says the company stands ready to actively support and participate in any meaningful initiative that seeks to address this problem.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 and EC$12.3 million.
