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FM
Former Member

Reduced consumer spending blamed for Banks DIH, Citizens Bank half year performance


 

Dubbed one of the largest beverage companies in Guyana, Banks DIH Limited has attributed its half year performance to reduced consumer spending, increased cost of doing business and maximisation of operational efficiencies.
These reasons were also given for the performance of Citizens Bank Inc. a 51 percent owned subsidiary of Banks DIH. According to a report by the Chairman of the Board of Directors for the beverage company, Clifford Reis, Banks DIH has recorded an unaudited profit before tax for the six months ending March 31, 2017 of $2.54B compared to $4.09B during the same period in 2016.
This was published in yesterday’s newspaper. Reis went on to say that included in the profit before tax for 2016 was a gain of $1.375B which was due to the sale of the company’s holding of Ordinary Shares in Banks Holdings Limited.
The Board Chairman reported that the unaudited operating profit before tax for the parent company was $2.05B compared to $1.95B in 2016. As for the unaudited profit after tax, that was reported to be $1.32B, an increase of $100M when compared to $1.22B in 2016.
As it relates to the performance of Citizens Bank, Reis said that the institution had recorded a profit after tax of $288.7M compared to $440.8M for the same period last year. He added that the Bank’s new branch at Camp Street and South Road which houses the Main Branch and Corporate Office will improve the services offered to customers.
Further, he said that the Capital Expenditure Programme of Banks DIH was limited to investment in critical areas in the long term development aspect of the company. According to Reis, these include initial payments made on a new biscuit packaging line, a new 1.7 Megawatt Power Generating Plant and Water storage tanks.
Looking to the future, Reis said that in the second half of 2017 the company proposes to complete the construction of the new workshop facilities and the modernisation of Demico House facilities.

Banks DIH Chairman, Clifford Reis

Dividends to shareholders for the period passed will amount to $229.5M. This is as a result of the Board of Directors approving an interim dividend of $0.27 per share offered to all shareholders whose names are on the Register as of May 18, 2017.
In 2016, Citizens Bank had recorded a profit of $0.8B before taxation and after taxation, a profit of $0.5B. Reis, at that time had said that the Bank’s performance was a reflection of a slowdown in the economy due to the underperformance by many major productive sectors.
He said that many borrowers were encountering difficulties in meeting their obligations to financial institutions with a resultant increase in non-performing assets.
Reis had reported that the bank’s loan portfolio remained relatively sound. However, the difficulties experienced by its customers because of a decline in business activities during the review period, had impacted the performance of Citizens Bank’s overall portfolio.
Moreover, in January of this year, Reis, reporting on the 2016 performance of Banks DIH, had warned of challenging times ahead for the company in uncertain global conditions. He told shareholders that the continuing international economic uncertainty and changing global weather patterns are projected to have negative macro-economic consequences on Guyana.
He reported that the company would have extended into the North American market introducing a variety of rum, wine and biscuit products to satisfy the cravings of the Guyanese diaspora.
The reduction in consumer spending is however not unique to Banks DIH. In April, this newspaper met with business owners along Regent Street, Georgetown that reported that there is a decline in sales.
As a result, some businesses have been forced to cut working hours of staff, reducing salaries and unfortunately laying off workers. For some entrepreneurs, closing their doors is becoming more of a reality if the trend continues.

 

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Keep your eyes on DDL profits in a year or two.  Let me see where the molasses will be coming from to distill rum.  D'Aguiar will roll over in his grave. DDL is one of the largest employers in Guyana.  I am starting to see a lot of cassava chips in people future.

Bibi Haniffa
gogo posted:

on the one hand we would like less rum drinking in the nation and on the other we would like more rum drinking[for profits].....people before profits

Social drinking has gone down. It is not the alcoholics who buy the cheapest rum that are affecting profits. Its the higher quality liquor cherished by the upper and middle class that brings in the profit.

FM
Billy Ram Balgobin posted:

This company has to spend huge amounts of money on generating electricity and providing water. 

And this only began after May 2015?  Please cease being the idiot that you are.

FM
Bibi Haniffa posted:

Keep your eyes on DDL profits in a year or two. 

In fact DDL can buy an estate and a factory from Guysuco for one dollar to guarantee continued access to molasses.  There is a factory just across the river.

This will then reduce the burden from the taxpayers who have had to subsidize GuySICKO by around US $800 million in subsidies and loan guarantees since Jagdeo ran off Boojers and put in place his own band of incompetents.

FM
Drugb posted:

Jackass T,  soft consumer demand due to jackassOnomics cause this.  People nah gat money to spend on liquor when they can't hardly buy bread. 

Gold prices down driving out many Guyanese out of the industry and remittances also down.

Now where is the high tech industry that you promised to deliver to Jagdeo?

FM
caribny posted:

Gold prices down driving out many Guyanese out of the industry and remittances also down.

Now where is the high tech industry that you promised to deliver to Jagdeo?

Bai like you confuse me with someone else. What high tech industry? This is Granger's job now to fix Guyana. Let us hear your advice for him, instead of lamenting over Jagdeo who is not in power, and has not been in power since 2010. 

FM
Drugb posted:
 

Bai like you confuse me with someone else.

No you. You always bellow about what every body else should be doing, but when you had your chance when your PPP was in power you whined all sorts of excuses about why Guyana couldn't get high tech.

Suddenly you have a lot of mouth.

The PPP was a failure as are these current lot.  Totally corrupt and not listening to any one, and giving those who wanted to help the run around. So was Jagdeo, so is Granger. I know this, and you need to be honest and admit this too.

FM
caribny posted:

No you. You always bellow about what every body else should be doing, but when you had your chance when your PPP was in power you whined all sorts of excuses about why Guyana couldn't get high tech.

Suddenly you have a lot of mouth.

The PPP was a failure as are these current lot.  Totally corrupt and not listening to any one, and giving those who wanted to help the run around. So was Jagdeo, so is Granger. I know this, and you need to be honest and admit this too.

I said my piece on high tech jobs, Guyana does not have the requisite talent,  accredited learning institution, degree programs, professors or industry to even start in the high tech industry. It also depends on what you consider high tech, this is not knowing how to use word or excel or even coding a web page.  High tech is much more. 

FM
Last edited by Former Member
Drugb posted:
, Guyana does not have the requisite talent,  accredited learning institution, degree programs, professors or industry to even start in the high tech industry.. 

Of course in 23 years the PPP couldn't have created this environment, and yet you squeal that they run the best country in the Caribbean!

FM
caribny posted:
Drugb posted:
, Guyana does not have the requisite talent,  accredited learning institution, degree programs, professors or industry to even start in the high tech industry.. 

Of course in 23 years the PPP couldn't have created this environment, and yet you squeal that they run the best country in the Caribbean!

PNC seems to do absolutely nothing from 1964 to 1992 plus 2015 to date ... 30 years in the administration of Guyana.

FM
caribny posted:
Drugb posted:
, Guyana does not have the requisite talent,  accredited learning institution, degree programs, professors or industry to even start in the high tech industry.. 

Of course in 23 years the PPP couldn't have created this environment, and yet you squeal that they run the best country in the Caribbean!

Not sure where you are going with this, expecting little Guyana to be a high tech nation. Tell us if any of your Black run countries in the world are high tech nations?

FM
Drugb posted:
caribny posted:
Drugb posted:
, Guyana does not have the requisite talent,  accredited learning institution, degree programs, professors or industry to even start in the high tech industry.. 

Of course in 23 years the PPP couldn't have created this environment, and yet you squeal that they run the best country in the Caribbean!

Not sure where you are going with this, expecting little Guyana to be a high tech nation. Tell us if any of your Black run countries in the world are high tech nations?

Granger, Harmon, Basil W., Naga, and Prak will make Guyana the first black high tech country in the world..with the plantain chips industry. No waiting for oil money for four to five years. Just imagine seeing Guyana sending a manned(with Moses inside) capsule to the moon.

FM

There is a surplus of plantain chips on the local market.  Just go by the wharves and markets in Guyana and see how desperately people are trying to get you buy a bag of chips.  Producing more chips when the demand is not there is terrible idea.  Maybe they should look for export markets.

Billy Ram Balgobin
Prashad posted:

Lets get real here.  DIH should be of no concern to East Indians.

It is, it brings in foreign exchange from exports as well as tax dollars to pay the 50% pay raises for jakass Granger and company.  It is an integral part of the Guyanese economy.

FM
Drugb posted:
Prashad posted:

Lets get real here.  DIH should be of no concern to East Indians.

It is, it brings in foreign exchange from exports as well as tax dollars to pay the 50% pay raises for jakass Granger and company.  It is an integral part of the Guyanese economy.

True. Demerara rum is one of the best in the world.

GTAngler
skeldon_man posted:
Drugb posted:
caribny posted:
Drugb posted:
, Guyana does not have the requisite talent,  accredited learning institution, degree programs, professors or industry to even start in the high tech industry.. 

Of course in 23 years the PPP couldn't have created this environment, and yet you squeal that they run the best country in the Caribbean!  

Not sure where you are going with this, expecting little Guyana to be a high tech nation. Tell us if any of your Black run countries in the world are high tech nations?

Granger, Harmon, Basil W., Naga, and Prak will make Guyana the first black high tech country in the world..with the plantain chips industry. No waiting for oil money for four to five years. Just imagine seeing Guyana sending a manned(with Moses inside) capsule to the moon.

Wouldn't that be wonderful, the jackasses building a space rocket from skeldon factory parts, possibly the defective burner, and fueling it with bagasse while feeding the astronaut(moses) with cane juice, plantain chip and tamarind ball on their journey.   They would be the toast of the high tech industry as well as green peace. 

FM
Last edited by Former Member
Drugb posted:
 

Not sure where you are going with this, expecting little Guyana to be a high tech nation. Tell us if any of your Black run countries in the world are high tech nations?

So you suggest that we grow expensive rice and sugar that no one wants because they can get it cheaper elsewhere.

There are a whole host of back office (BPO) services that Guyana can enter that the DR and Jamaica and Barbados are already in.  T&T is also attempting to develop this as well.  

Yes work sourced out to India, but its these very services which have cultural input and clearly Caribbean people understand and can communicate with Americans and the British better than some one in Hyderabad or Bangalore or Manila.

In fact Jamaica already provides some of this to a Dutch electronics company.  Machines not working, some one in Jamaica helping to find out what's wrong and fix it.

But you think that we should stick with sugar and rice and then wail that the prices are low so the industries aren't profitable.

You and Granger deserve each other. I just need to figure out who is dumber.  You or him.

FM
caribny posted:

So you suggest that we grow expensive rice and sugar that no one wants because they can get it cheaper elsewhere.

There are a whole host of back office (BPO) services that Guyana can enter that the DR and Jamaica and Barbados are already in.  T&T is also attempting to develop this as well.  

Yes work sourced out to India, but its these very services which have cultural input and clearly Caribbean people understand and can communicate with Americans and the British better than some one in Hyderabad or Bangalore or Manila.

In fact Jamaica already provides some of this to a Dutch electronics company.  Machines not working, some one in Jamaica helping to find out what's wrong and fix it.

But you think that we should stick with sugar and rice and then wail that the prices are low so the industries aren't profitable.

You and Granger deserve each other. I just need to figure out who is dumber.  You or him.

All these ideas you have, you should have shared them with Granger when he was in NY looking for investors. Moutar and guitar are two different instruments. It is easy to talk about possibilities than actually implementing them. Conceptually the Skeldon factory was a trump card, in reality it was a lemon. Same with many of your aforementioned ideas. In fact you should have heeded jackass Granger's call and gone back to invest in these back office investments, bringing in your overseas markets to take advantage of Guyana's lower wages. 

BTW none of your aforementioned labor solutions qualify as high tech. 

FM
Drugb posted:
caribny posted:

Gold prices down driving out many Guyanese out of the industry and remittances also down.

Now where is the high tech industry that you promised to deliver to Jagdeo?

Bai like you confuse me with someone else. What high tech industry? This is Granger's job now to fix Guyana. Let us hear your advice for him, instead of lamenting over Jagdeo who is not in power, and has not been in power since 2010. 

I agree, Granger/PNC owns it.  All the shit they talk of the PPP, now it's their job to fix.  Gold prices are not down that much anyway.  Yes, there was a temp peak at a point during the PPP tenure, but there was also the big global economic collapse and the PPP boys weather the storm and kept the ship right.  Even as gold prices declined, new mines came online during the past two years that were initiated under the PPP.

Caribj, stop making excuses, go advise your PNC dunda heads, as Drugb mentioned!  Alyuh had all the answers from the back seat, now drive and shut up!

FM
caribny posted:
Drugb posted:
 

Not sure where you are going with this, expecting little Guyana to be a high tech nation. Tell us if any of your Black run countries in the world are high tech nations?


Yes work sourced out to India, but its these very services which have cultural input and clearly Caribbean people understand and can communicate with Americans and the British better than some one in Hyderabad or Bangalore or Manila.

Go sell that to the large American Tech, Consulting and Industrial concerns who have embraced this, regardless of the people's accents! I don't know what gets into you to write such shyte.  It's better to shut up than talk shyte. If you think it's all about communication, you are shallow.  And BTW, I don't think their accents are that bad.  Caribj, the skills of the Indians are deep deep deep!  I don't think you can even fathom this fact!

Go tek them ideas to Granger and the PNC, but then again, they might fall asleep and snore pun yuh rass!

FM
ba$eman posted:

Go sell that to the large American Tech, Consulting and Industrial concerns who have embraced this, regardless of the people's accents! I don't know what gets into you to write such shyte.  It's better to shut up than talk shyte. If you think it's all about communication, you are shallow.  And BTW, I don't think their accents are that bad.  Caribj, the skills of the Indians are deep deep deep!  I don't think you can even fathom this fact!

Go tek them ideas to Granger and the PNC, but then again, they might fall asleep and snore pun yuh rass!

What Burnham nephew Caribj don't consider is that call centers are mostly staffed by university graduates which are a glut in India. Guyana have delved into the call center arena only to fall short for whatever reason that refutes Carib's claims. Maybe Guyana's call center workers don't have proper etiquette or the Guyanese accent is too thick. In India they are required to pass accent reducing clases before being assigned to a call center.  It is quite remarkable to see some who have transitioned over to IT with strong American and British accents due to their exposure in the call centers. 

FM
Drugb posted:
 

What Burnham nephew Caribj don't consider is that call centers are mostly staffed by university graduates which are a glut in India. Guyana have delved into the call center arena only to fall short for whatever reason that refutes Carib's claims. Maybe Guyana's call center workers don't have proper etiquette or the Guyanese accent is too thick. In India they are required to pass accent reducing clases before being assigned to a call center.  It is quite remarkable to see some who have transitioned over to IT with strong American and British accents due to their exposure in the call centers. 

A few years ago I got a call from a woman at a call center in India to switch my phone company. She had a strong Indian accent but was trying to sound British. I asked her if she was calling from India, she said yes, and we had a nice chat.

FM
Mr.T posted:

Hold the Press! The PPP blames the government for the drop in Indo alcoholics.

Oi you jackarse, Banks also make coca cola and icee drinks.  Nobody not drinking that shit anymore, it is a killer with sugar.

FM

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