Jul 2013 Financial News

NEL records $496.7m profit

Jul 09, 2013

State holdings company National Enterprises Ltd (NEL) has recorded a $496.7 million profit after tax for its financial year ending March 31, 2013. This represents a 3.6 per cent increase over the previous year’s $479.5 million profit.

The company’s asset base also grew 2.9 per cent, from $2.6 billion to almost $2.7 billion.

NEL is an investment holding company formed to consolidate the government’s shareholding in select State enterprises, and facilitate a public offering on the Trinidad and Tobago Stock Exchange (TTSE).

NEL’s shares comprises National Flour Mills (NFM); NGC NGL Company Ltd (NGC NGL); NGC Trinidad and Tobago LNG Ltd; Telecommunications Services of Trinidad and Tobago Ltd (TSTT); and Trinidad Nitrogen Company Ltd (TRINGEN).

“NEL’s diversified portfolio of investee companies had generally strong performances, with Tringen and NGC NGL contributing the most,” chairman Kenny Lue Chee Lip said in a published statement.

But NFM’s performance “continues to disappoint”, he said.

Major changes over the previous year including the Tringen dividend payout dropping by $64 million, while the NGC NGL dividend payout almost doubled to $201 million as a result of better product prices, he added.

For the financial year, NEL shares traded at a low of $12.85 and a high of $15.50, closing at $$15.26 on March 31.

NEL shares (TTSE:NEL) trade at around $15.95 per stock unit.


Source:
By Carla Bridglal
Trinidad Express
Tuesday July 9, 2013

http://www.trinidadexpress.com/business/NEL-records--4967m-profit-214441371.html