Jul 2010 Financial News

NEL after-tax profit falls by 44 per cent

Jul 01, 2010

National Enterprises Ltd’s (NEL) after-tax profits attributable to shareholders fell by $347.4 million, or 44.4 per cent, said its chairman Jerry Hospedales.

In summary financial statements for the year ended March 31, 2010, Hospedales said the fall in after after-tax profits reflected declines in the after-tax profits of its four investee companies.

NGC NGL and NGC LNG fell by $94.4 million due to declines in the average prices of natural gas and crude oil, which were 44 per cent or 62 per cent, respectively, down from the 2008 average prices. n Tringen fell by $167 million due to the decline in the average ammonia price in 2009, which was 42 per cent down on the 2008 average price.

TSTT fell by $92.8 million over its 2009 figures as the figure consolidated its operations and maintained its profit-making position while experiencing significant changes in its technology infrastructure and operating in a competitive marketplace.

Hospedales reported that NFM has achieved an after-tax profit of $17.6 million, which represents an improved performance of $36.5 million over its 2008 figures. He said that as a result of the reduced performance of its portfolio of assets, dividends received by NEL fell by $111.5 million, or 22.3 per cent compared with dividends received in 2009, while shareholders’ equity increased by $4 million or 0.12 per cent.

Earnings per share have declined by 44.3 per cent to $0.73 per share in 2010. The NEL board has declared a final dividend of 38 cents a share.


Source:
Trinidad Guardian
Thursday July 1, 2010

http://guardian.co.tt/business/business/2010/07/01/nel-after-tax-profit-falls-44-cent