Jun 2010 Financial News

Mora Ven Holdings declares $463,530 post-tax profit

Jun 23, 2010

Even though the George Nicholas III-owned Mora Ven Holdings Ltd has declared a post-tax surplus of $463,530 for the three-month period ending March 31, 2010, the company will not be issuing a dividend.

Executive chairman Nicholas, in a statement to shareholders, said that Mora Ven Holdings’ revenue was $13,098,205 for those three months, which represents a significant improvement over Q1 for 2009. “The overall results reveal, after taxation, a gross profit of $903,271 and a post-tax surplus of $463,530. “The figures reflect increased production, together with improving oil prices as the global economy begins to come out of the doldrums of recession. “Whilst we are not always able to get the best prices during a month as payment to us is a calculation dependent upon BP from their loading dates, we have, nonetheless, benefitted from this steady turnaround,” Nicholas stated.

Last April, Dr Krishna Persad, former Mora Oil Venture director, lost the first round in the private charges Nicholas brought filed against against him for an alleged fraudulent withdrawal of $6.5 million from the company’s bank account. In his ruling, Senior Magistrate Rajendra Rambachan turned down an application by Persad’s attorneys to stay the prosecution of Persad on the grounds of abuse of process. Nicholas filed private charges against Persad for drawing cheques on Mora Oil’s accounts without permission. Persad has stated he drew the money to wipe off Mora Oil debts to Krishna Persad and Associates, of which he is chairman.

In the financial statement, Nicholas said Mora Ven Holdings’ total assets are up from the same quarter in 2009 by $9.7 million, which is, in itself, almost $3 million better than the end of 2009 position. Nicholas said Mora Ven Holdings has closed its case against Persad, whose defence has now begun. He said the sums claimed against a bank and another oil company, as significant as they are, are not presently on its balance sheet, “although success will be meaningful.” “As I have reported previously, we have $17 million in judgments (both substantive and costs), which we are vigorously continuing to enforce,” Nicholas said.

He said the board has decided not to declare a dividend as it continues to utilise its liquidity to reduce its liabilities and prepare for new drilling. Nicholas said Mora Ven Holdings is preparing to drill the East Mora prospect this year.


Source:
Sandra Chouthi
Trinidad Guardian
Wednesday June 23, 2010

http://guardian.co.tt/business/business/2010/06/23/mora-ven-holdings-declares-463530-post-tax-profit