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    Categories: Local News

TDC REPORTS $15.3 MILLION PRE-TAX PROFIT FOR 2007

By Floyd French

Observer Reporter

floydfrench@thestkittsnevisobserver.com

(Basseterre, St. Kitts) – The St. Kitts- Nevis -Anguilla Trading and Development Company (TDC) has reported EC$15.3 million in profit before tax.  This disclosure came in the company’s 35th Annual Report to shareholders.

The pre-tax profit of EC$15,366, 989 is the biggest in the company’s history, an increase of EC$3 million compared to last year’s profit before tax.

After paying Corporate Tax EC$4,822,299 and other interest, its net profit will be EC$10,544,690 compared to EC$7,946,040 in the previous year.

Thursday Online Code for Issue # 716 is   143

Improved performances in a number of departments or subsidiaries that make up the group of companies under TDC were highlighted in the report.  The Automotive Division, Home and Building Depot, the Shipping Agencies, TDC Rentals in St. Kitts and TDC Rentals in Nevis, St. Kitts-Nevis Finance Company (FINCO) St. Kitts-Nevis Insurance Company (SNIC), Ocean Terrace Inn (OTI), St. Kitts Masonry Products Limited, and MAICO, its associate company in Anguilla were identified for their improved performances.

The report also expressed disappointed returns or losses in the company’s other ventures mainly City Drug Store (2005) Ltd., Business Equipment Department, TDC Airline Services Ltd, TDC Airline Services Nevis Ltd, TDC Tours Ltd and the St. Kitts Bottling Company Ltd.

However, the report cited the economy as a major factor in the company’s overall success in 2007.  The preparation for ICC Cricket World Cup and several tourism projects, and the construction industry were credited.

The report also expressed concern that “the economic gains achieved so far may be reversed by the dramatic increase in the levels of violent crime.”  To address this trend, the company calls for a redoubling of effort from government, civil society and the entire community.  The company reaffirmed its commitment to “actively support and participate in any meaningful initiative that seeks to address this problem.”

TDC is the leading private sector entity in the Federation.  It has 762 full time employees and is second to government with respect to number of employees.  The company has been profitable over the years and has made invaluable contribution to the social development of St. Kitts-Nevis.