Aug 2015 Financial News

Plipdeco profits up 28 per cent

Aug 05, 2015

Point Lisas Industrial Port Development Corporation Limited (Plipdeco) has achieved a 28 per cent increase in profit before tax of $15.6 million for the half year ended June 30.

The state owned company’s latest financial report, which was posted to the T&T Stock Exchange yesterday, shows the increased profit was due to a nine per cent growth in consolidated revenues over the comparative period in 2014.

Commenting on Plipdeco’s performance, chairman Ian Atherly said: “This was mainly as a result of a 15 per cent increase in volume for containerised cargo operations. In fact, growth was recorded in all areas of containerised cargo where the port saw a three per cent increase in imports, a five per cent increase in exports and a 67 per cent increase in transshipment cargo.

“The revenue gains as a result of the increase in containerised cargo were partially offset by the decrease in general cargo where a 17 per cent decrease in volumes was recorded as a consequence of an 89 per cent decrease in exports and a two per cent decrease in imports.”

Atherly said total assets grew to $2.32 billion, an increase of two per cent from December 2014’s asset base of $2.26 billion. There was also strong improvement in working capital from $49 million in December 2014 to $68 million in June 2015.

He said the company plans to continue with its growth and development drive by engaging in infrastructural improvements, development projects and equipment acquisitions throughout the port and industrial estate, all aimed at improving productivity and efficiency in a globally competitive environment.

Source:
Trinidad Guardian
Wednesday August 5, 2015

http://www.guardian.co.tt/business/2015-08-05/plipdeco-profits-28-cent