Massy Hold­ings Ltd yes­ter­day re­port­ed af­ter-tax prof­it at­trib­ut­able to its share­hold­ers of $182.69 mil­lion for the first quar­ter of its 2024 fi­nan­cial year, which is 6.22 per cent less than the $194.82 mil­lion the com­pa­ny earned in the cor­re­spond­ing pe­ri­od one year ago.

The Massy Group re­port­ed rev­enue of $4.02 bil­lion in the pe­ri­od be­tween Oc­to­ber 1, 2023 and De­cem­ber 31, 2024. That was 18.6 per cent more than the $3.39 bil­lion it re­port­ed for the first quar­ter one year ago.

In ex­plain­ing the group’s de­cline in prof­its in its first quar­ter, Massy Hold­ings chair­man, Robert Ri­ley said: “Each port­fo­lio ex­pe­ri­enced unique iso­lat­ed set­backs and the in­vest­ment hold­ing com­pa­ny made some changes that in­creased net ex­pens­es and non-re­cur­rent/one-off im­pacts to the prof­it and loss ac­count.”

Massy’s busi­ness com­pris­es three port­fo­lios: the in­te­grat­ed re­tail port­fo­lio; the gas prod­uct port­fo­lio and the mo­tors and ma­chines port­fo­lio.

Massy’s prof­it be­fore tax de­clined by 2.36 per cent in its first quar­ter, with a de­cline to $294.18 mil­lion from $301.32 mil­lion.

In his chair­man’s state­ment, Ri­ley said first quar­ter prof­it be­fore tax from the in­te­grat­ed re­tail port­fo­lio de­clined by 1 per cent.

He said while re­tail stores in Trinidad, Bar­ba­dos, the US and Guyana per­formed “com­mend­ably,” some ex­cep­tion­al oc­cur­rences in the dis­tri­b­u­tion busi­ness in T&T and Bar­ba­dos ad­verse­ly im­pact­ed the port­fo­lio’s first quar­ter re­sults.

The gas prod­ucts port­fo­lio re­port­ed first quar­ter re­sults that grew by 54 per cent.

The prof­it be­fore tax in the mo­tors and ma­chines port­fo­lio de­clined by 13 per cent in the com­pa­ny’s first quar­ter. This was at­trib­uted, ac­cord­ing to Ri­ley, to in­ven­to­ry build up from im­porters’ in­creased fi­nance costs in Colom­bia and un­cer­tain­ty about Venezuela’s claim to a ma­jor por­tion of Guyana as well as the un­avail­abil­i­ty of high­er pur­chase cred­it for new cars.

Ri­ley said the three ac­qui­si­tions made by Massy in the 2023 fi­nan­cial year—a su­per­mar­ket chain in Flori­da, a med­ical and in­dus­tri­al gas­es com­pa­ny in Ja­maica and an in­dus­tri­al gas com­pa­ny in Trinidad--are all per­form­ing well.

He said the three ac­qui­si­tions con­tributed $43.4 mil­lion to the group’s prof­it be­fore tax po­si­tion.