Nov 2014 Financial News

NEL’s profits jump 20 per cent

Nov 14, 2014

National Enterprises Ltd (NEL) yesterday reported an after-tax profit of $308 million for the six months ending September 30, 2014, which represents a 20 per cent over the same period in the previous year. The better performance this year was due to TSTT swinging back to profitability in 2014 compared with a loss for 2013, and NEL chairman Kenny Lue Chee Lip said, in a statement accompanying the financials, that the board was “optimistic that this trend would continue.”

NEL’s holdings in Phoenix Park and Atlantic LNG “delivered results consistent with last year,” but its shares in Tringen reported lower profitability for the first half of its financial year due to lower ammonia prices and continuing gas curtailment. “Ammonia prices have trended upwards in the second half of 2014 but Tringen will have a major plant shutdown as they continue their energy efficiency improvement project into the last quarter of 2014. “It is expected that this project will result in extending the useful life of the plant as well as reduce energy consumption and increase production resulting in increased future shareholder value.”

Its NGC subsidiaries and National Flour Mills have both improved on profitability. Overall, Lue Chee Lip said NEL’s half year’s earnings of $308 million already exceeded 2013 full year earnings of $200 million. For 2015, NEL’s performance would be improved, he said. Earnings per share was $0.51 compared to $0.43 in 2013.

Published: 
Trinidad Guardian
Friday November 14, 2014

http://www.guardian.co.tt/business/2014-11-14/nel%E2%80%99s-profits-jump-20-cent