Oct 2012 Financial News

NGC records $4.6b post-tax profit

Oct 12, 2012

The National Gas Company’s (NGC) 2011 after-tax profit of $4.6 billion was $2 billion more than what it earned in the previous period. In published results, the company said sales turnover was $19 billion as compared to $14 billion for 2010.

“NGC’s core business of purchase, transportation and sale of natural gas as well as dividend income received from its key strategic investments in the liquefied natural gas and natural gas liquids business remained stable.

“During 2011, the company completed the construction of the North Eastern Offshore Pipeline, which originates from BHP Billiton’s facility in Block 2(c) off the northeast coast of Trinidad and connects NGC’s existing pipeline network to the south.

“The line will provide transportation capacity for new gas supplies from BHP Billiton and is sized to have additional capacity for other suppliers of gas operating off the northeast coast,” the company stated.
The company said its credit rating has been reconfirmed by three rating agencies: Standard and Poor’s—A-, Moody’s—Baa1 and CariCRIS CariAAA.


Source:
Trinidad Guardian
Friday October 12, 2012

http://www.guardian.co.tt/business/2012-10-11/ngc-records-46b-post-tax-profit