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Angostura Profits Up 14% to $116M

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ANGOSTURA has posted a 14 percent increase in profit of $116.8 million before tax for the nine-month period, ending September 30.

Its after tax profit was $80.9 million.

According to its financial results, revenue from the world renowned-aromatic Angostura Bitters grew by 12.8 percent with an increase in distribution and use in the North America and UK markets.

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Angostura chairman Terrence Bharath said, “This segment, together with the co-pack bulk segment, were the main contributors to overall revenue growth of $19.3 million or four per cent for the comparative period.”

Angostura Lemon Lime Bitters also enjoyed “positive regional revenue growth” of three percent, in the third quarter during its sponsorship of the Caribbean Premier League T20 tournament.

The company expects a boost in rum sales during the upcoming Christmas season.

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Bharath said, “While the local market for rum sales has been reasonably viable for the year to date, improvement is anticipated as we move into the festive season in final quarter.

“Sustained cost management strategies and cash management initiatives reinforced profitability with an improved pre-tax profit margin of 22 per cent.”

For the corresponding period last year, the pre-tax margin was 20 percent.

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