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Financial News

May 2015 Financial News

Plipdeco profits up 358 per cent

May 11, 2015

Point Lisas Industrial Port Development Corporation Limited (Plipdeco) has reported a 358 per cent increase in its 2015 first quarter profits over the corresponding period last year, from $3.3 million to $15.3 million.

In his report to shareholders. chairman Ian Atherly said the company’s consolidated revenues grew by 19.6 per cent. Containerized cargo operations experienced a 25 per cent increase in volume but there was a 13 per cent decline the volume of general cargo operations compared to the levels recorded in 2014.

He said: “Further analysis indicates that for containerised cargo there was a 10 per cent increase in imports, an 11 per cent increase in exports and a 94 per cent increase in transshipment cargo. For general cargo there was an 88 per cent decrease in exports, a 7 per cent increase in imports and a 320 per cent increase in transshipment.” Plipdeco’s total assets grew to $2.33 billion—an increase of 3 per cent from December 2014 when the asset base was $2.26 billion. Working capital improved from $49 million at December 2014 to $65 million in March 2015.

“In 2015, Plipdeco will continue to embark on various endeavours as determined in its strategic plan. These include among other things infrastructural improvements, information technology upgrades (some already implemented during the first quarter 2015), and continuation of the Port expansion project,” Atherly said.  

“The preceding undertakings would further enhance efficiency and productivity to effectively position Pilpdeco in its drive towards continued growth and increased shareholder value.” Plipdeco, a public company owned 51 per cent by Government and 49 per cent by private shareholders  and incorporated on September, 16 1966.

 

Source:
Trinidad Guardian
Monday May 11, 2015

http://www.guardian.co.tt/business/2015-05-11/plipdeco-profits-358-cent