Caroni grows to $16M

In the company’s audited financial statement for the year which ended September 30, 2005, EMBDC chairman Uthara Rao said the last year was a very successful one for the company which saw a significant growth “in both profitability and total assets.”

Observing that EMBDC recorded a net profit before tax of $2,528,116 in 2004 (an increase of 463 percent over its 2003 profit of $546,406), Rao said the company’s total assets have now increased to $16,911,522 and this represents an increase of 285 percent over the previous year.

He said EMBDC has started housing construction in nine areas in central Trinidad which have been earmarked for distribution to “VSEP availed ex-employees of Caroni (1975) Ltd.”

“Construction on these sites have progressed steadily which will result in the achievement of timely delivery of lots to eligible recipients during 2006 and 2007,” Rao stated.

The EMBDC was formed following Caroni’s closure in August 2003 and given a mandate to manage the assets of the former state sugar company.