L.J. Williams Ltd has recorded a profit of $7.6 million for the year ended March 31, 2021.

This was an increase of $2.37 million when compared to the profit the company made for the year ended March 31, 2020.

According to the audited financial statement posted on the T&T Stock Exchange yesterday, L.J. Williams stated that its revenue for the year ended March 31, 2021 was $151 million.

For the comparative period in 2020 revenue was $147 million.

L.J. Williams Limited and its subsidiaries Movalite Ltd and The Home Store are engaged in merchandising, manufacturing, distribution and ship chandlery.

L.J. Williams is a public limited liability company listed on the Trinidad and Tobago Stock

Exchange and is incorporated in T&T.

“L.J. Williams Ltd was classified as an essential service and this positively impacted on profitability during the financial year to 31 March 2021 and has experienced increased sales in certain lines, however, the group has experienced stock shortages due to suppliers not being able to fill re-orders due to temporary closure of businesses in Europe and United States due to the pandemic,” the financial statement stated.

“However, subsequent to the reporting date, the sustained stay at home measures and limited State of Emergency declared on 16 May, 2021 will continue to negatively affect the economy of T&T and the wider region. We anticipate reduced availability of foreign currency along with declining economic activity will affect our profitability in the financial year to 31 March 2022,” it stated.

Subsequent to the reporting date, the home store faced challenges due to the closures of its stores as it was not classified as an essential service in this subsequent period and expects to record reduced profitability in financial year 2022 due to reduced trading.

The home store location at Barataria re-opened on 14 June 14, 2021.

“On 28 May 2019, the Directors of L.J. Williams Limited resolved to amalgamate Movalite Limited into L.J. Williams Limited by 31 March 2020. Initially, management agreed Movalite Limited will continue as a division of L.J. Williams Limited with limited operations,” it stated.

“However due to the changes of business as a result of the pandemic and the synergies Movalite Limited brought to the hardware business, it was resolved by the Directors on 25 June 2020 that amalgamation with The Home Store Limited would be more beneficial to the group which should have been completed by 31 March 2021, however it is still awaiting approval by the Fair Trade Commission,” according to the financial statement. See Page 17