Nov 2013 Financial News

Mora Ven posts $8.8m in profits before tax

Nov 05, 2013

Publicly traded local oil company Mora Ven Holdings has produced a profit before tax of $8.8 million for the nine months ending September 30. Revenue grew by 85 per cent whilst operating expenses grew by 73 per cent compared to the same period in 2012, chairman George Nicholas said in a statement.

The group’s total assets have now reached $295,696,853.

“We are establishing ourselves as the preferred supplier of our high quality renewable energy applications from California to Guyana and beyond. The patented products that we manufacture are doing well. Our Caribbean sales team has just returned from Brazil where solar energy has the support of that country’s legislators. Results for Q3 have shown continued growth on previous periods,” Nicholas said”. In Q4, the solar market in the US and other international markets will have a positive impact on the balance sheet, whilst it has taken time to obtain the necessary permits and we have incurred other associated start-up costs, we believe with our depth of products that growth will continue to show a sustained upward trajectory.”

With regard to crude production, he said: “We have had some breaks in production due to the failings of upstream companies; this has been overcome. With the potential for increasing production, the future for Mora crude is secure. I have previously mentioned our hope for the field following the investigative work on the potential reserves. Suffice it to state that based on the interpretation of the field using state of the art seismic acquisition and interpretation, we can assure that crude will remain steadfastly an important component of the Group.”


Source:
Trinidad Express
Tuesday November 5, 2013

http://www.trinidadexpress.com/business/Mora-Ven-posts-88m-in-profits-before-tax-230578071.html