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| – Demerara Bank earns $577M for first halfDemerara Bank Limited has continued its good showing earning $577M profit after tax for the first six months of its financial year.According to the bank’s unaudited interim report published in today’s edition of Kaieteur News,Cheap Jerseys China, profit before taxation was $999M, an increase of 39%, as against the $719M recorded for the same period last year. The bank’s financial year runs from October 1st to March 31st.Demerara Bank Chairman, Dr. Yesu PersaudChairman Dr. Yesu Persaud said that the $577M after tax posting would represent a 15% increase.The businessman who also heads beverage giant,Wholesale NBA Jerseys, Demerara Distillers Limited (DDL), also warned that Guyana’s projected growth for 2013 of 5.3% will critically depend on international prices of gold, rice and sugar. With gold prices experiencing a sharp drop during a two-day period earlier this month, the official was hopeful for stability at least in the second half of this year.Gold production was at a record high last year, becoming the country’s biggest foreign exchange earner, followed by rice and sugar. Guyana too would be depending on the gold prices to remain high with billions invested by local and foreign companies in recent years to cash in on the gold fever.Dr. Persaud said that the global economy continues to be fragile with the exception of a few emerging countries. He urged for an improvement of the current political climate.“A stable political environment,Jerseys NFL Wholesale, development of infrastructure and maintenance of law and order, coupled with bold economic policy initiatives by the government,Wholesale Jerseys Online, will be the defining factors of economic growth in Guyana in 2013.”Demerara Bank has also grown to $45.6B from the $39.8B over the same period last year.Dr. Persaud has been a powerful voice in the private sector, establishing the Private Sector Commission,China Jersyes Cheap, a business association with significant clout,Jerseys Wholesale, and he was the brains behind Institute of Private Enterprise and Development (IPED) and the DDL, makers of the famous El Dorado rums.His call for a stable political environment comes at a time when the National Assembly is considering estimates for the 2013 National Budget and when several cuts have been made to the allocations leading to worry by government over a number of large scale projects. |
