LJ Willimas sees marginal revenues, Barbados shipping net income up

Revenue was marginally higher for LJ Williams (LJW) in the six months ended June 30, 2003.  In 2003 revenue was $44.2 million compared with $43.8 million made in 2002. LJW recorded an operating loss of $0.5 million in 2003 against a profit of $1.4 million posted in the same period in 2002. Overall, Group net profit after taxation reflected a loss in 2003 of $1.2 million.  This is a decline over the similar period in 2002 when LJW recorded a gain of $1.1 million. The Chairman stated that there was a ‘substantial fall off’ in the contributions of subsidiary companies.  Movalite, which does interiors and glazings of buildings derives income at the end of a project.  The Chairman indicated that there were few large projects in the first half of the year from which the Company could benefit.  It is expected that business will improve toward the end of 2003. The Jamaican subsidiary NACO has felt the effects of a weak Jamaican dollar, and a deteriorating market for its product.  We consequently refrain from making an end of year projection for earnings as the situation appears to be somewhat uncertain.  
Barbados Shipping and Trading Limited

Results for the Nine Months Ended June 30, 2003
All figures in bds$

Barbados Shipping and Trading (BS&T) posted an increase of 2.7 per cent in revenue in the nine month period ended June 30, 2003. This year, revenue totalled Bds$464.8 million compared to the similar 2002 period’s Bds$452.6 million. Net Income was 4.1 per cent higher in 2003 at Bds$19.8 million from the 2002 figure of Bds$19.0 million.  Earnings per share for the nine month period was Bds27 cents in 2003 compared to Bds26 cents made in 2002. We forecast a full year EPS of Bds45 cents, which translates to TT$1.40.  At the current trading price of $11.31, this gives a PE ratio of 8.1.  This is low by Trinidad stock market levels. Analysis by West Indies Stockbrokers Limited. Member of the Trinidad and Tobago Stock Exchange Ltd.WISE is a subsidiary of RBTT Financial Hodings Limited