Seprod Group of Companies is reporting net profits of $1.44 billion, or $1.25 per share on revenues of $75.2 billion for the six month period ended June 30.
This was a major decline in comparison to last year's net profit of $2.15 billion or $2.40 cents per share on revenues of $58.3 billion.
The company says, however, that its stock holders equity climbed to $47.5 billion during the period under review from $46.8 billion last year.
Chairman PB Scott and Managing Director Richard Pandohie say the company's profitability was negatively affected by higher operating costs due to acquisitions and integrations, as well as higher finance charges.
They added that the group is committed to cost reductions, productivity improvements and operational efficiency as well as the leveraging of its acquisitions for long-term value creation.
They pledged that the group will deliver improved margins and sustained recovery in profitability during the second half of this year.
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