Business

Business: Toyota predicts flat year for industry

Due to the challenging economic period in Trinidad and Tobago, Toyota is expecting limited growth of the vehicle industry. 

At the unveiling event for the launch of the 2019 RAV 4, Vice President, Ryan Latchu said: "Our projections, because of the decline in the market year on year for the last two years, we anticipate this year to be relatively flat to last year.”

Republic announces $783.2 million half-year profit

Republic Financial Holdings Limited (RFHL) and its subsidiaries have announced after-tax profit of $783.2 million for the period ended March 31, 2019.

RFHL says that this figure was impacted by two significant one-off items, the net impact of which positively increased profits by $93.1 million.

Firstly, the bank in Trinidad and Tobago amended the terms of its post-retirement medical benefits plan in line with market, resulting in a write-back net of deferred taxes of $284.9 million.

Imbert: We won't touch diesel subsidy

Government will not adjust the subsidy cushioning the price of diesel.

Addressing members of the Trinidad Union Club at a luncheon at the Kapok Hotel in Cascade this afternoon, Finance Minister, Colm Imbert, placated concerns that an adjustment in the price of diesel, which costs TT$3.41 per litre, would affect the price of goods.

Imbert said rolling back the fuel subsidy to raise the price of diesel would have a knock-on effect on the price of goods and services.

RBL gets US$75 million loan to address affordable housing

The International Finance Corporation (IFC), a member of the World Bank Group, has approved a loan to Republic Bank (RBL) for US$75 million to help address Trinidad and Tobago’s affordable housing deficit.

IFC’s funding will support Republic Bank’s strategic plans to increase exposure to residential mortgages from 20 percent of its total loan portfolio to 25 percent, helping thousands of middle-income families become homeowners, RBL said in a media statement.

CAL announces unaudited operating profit

Caribbean Airlines has announced that its unaudited accounts show an operating profit and is net income positive for the year.

A statement by the company says that the unaudited accounts for the fiscal year ending December 2018 show Earnings Before Interest and Taxes (EBIT) of positive TT$111 million comprising of TT$158 million on international and other operations, and negative TT$47 million on the domestic air bridge.

Petrotrin makes $1.7 billion operating profit in last year of service

State-owned Petrotrin made an operating profit of US$250.28 million or TT$1.67 billion during its last year in existence.

This was revealed in unaudited figures that the company’s successor, Trinidad Petroleum Holdings Limited presented recently to investors.

As at the year ended September 30, 2018, the revenues for Petrotrin, stood at US$1,045.20 or TT$7.08 billion.

The company’s Cost of Sales stood at US$195.45 million or TT$1.3 billion while Gross Profit US$849.75 million or TT$5.7 billion. 

More seats for Easter, Tobago Jazz

Caribbean Airlines says it will add new seats to the domestic air bridge for the Easter and Jazz weekends.

The airline says it has entered into a wet lease agreement with Danish Air Transport.

This wet lease will be solely dedicated to the operation of the domestic air bridge between Trinidad and Tobago, and will run from April 17 – September 08, 2019, to cover major peak travel periods.

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