Aug 2015 Financial News

Mora Ven sales go up

Aug 19, 2015

THE Mora Ven Group of companies is reporting an increase in sales by one percent over mid-year 2014 despite a 60 percent decline in oil price.

In the group’s unaudited financial statements for the six months ending June 30, 2015, chairman George Nicholas III said the group achieved an overall profit before tax of $10,235,443.

With the EBITDA being $21,713,359 for the second quarter ending June 30, 2015, in comparison to the profit before tax of $4,186,747 for the same period in 2014.

Total assets increased by 30 percent, from $330 million to $434 million while current assets increased by 38 percent compared to 201. A valuation of the platform was necessary following our Audit qualification and resulting from this, a UK Platform Appraisal and Valuation firm who are certified valuators, was appointed to value the platform facility.

The result was an increase in value from $55 million thereby increasing the value to $107 million.

Nicholas said Mora’s Oil investment in the purchase of the new state of the art 460k Snubbing Unit that can drill to 1.5 miles, is to undertake the long awaited work-overs and drilling from the platform (two years in the making).

“We now own two operating snubbing rigs. These are also available to lease.

Preparation and planning to undertake the work-overs is in progress to commence in week,” he stated.

As a result of the allocation of our cash flow for the new unit and our on-going commitment in servicing taxes and levies, lulled somewhat, Nicholas said, “We anticipate the income achievable post work over will not only enable our resumption of payments but also facilitate a faster settlement period.

Solaris continues to expand in the US with the latest presentation in Texas.” He continued, “We have developed to where we are a best in class company and can work around the globe. We have a presence throughout Caricom, in consumer, residential, commercial and utility scale projects.

Nicholas said the group hopes in the third quarter to see greater results as promised in our Annual Report 2014. “Our consumer products are available on Amazon.

com, our Universal Electric Car Charger (electricity), which is the future energy, goes on sale in Asia, MEA, Europe and UK from this month. America by the fourth quarter,” Nicholas added.

Source:
Newsday
Wednesday August 19, 2015

http://www.newsday.co.tt/business/0,215825.html