May 2015 Financial News

Revenue down but profits up for Mora Ven

May 27, 2015

Although its revenue decreased by four per cent, Mora Ven Holdings Limited has recorded a 42 per cent increase in its profit before tax which was $3,442,278 for the three months ended March 31. In addition, the energy company’s total assets grew by seven per cent to $377,893,736.

In a note to shareholders, executive chairman George Nicholas III said the company’s financial performance was due to “cost conservation and prudent management decision.”

He said for the first quarter, production in Mora Ven’s oil division increased by 12 per cent compared to the corresponding period in 2014.

He said optimisation techniques were responsible for the increase in production volumes. An extensive work

Nicholas said the renewable energydivision, Solaris, said the addition of the Jamaica and Antigua business units which have contributed positively to revenue.

“A reorganised structure has rooted out inefficient costs and has positioned the company on a more positive outlook as seen in the Profit and Loss figures. As we continue to extend complete coverage of the Caricom area,” he said.

“The OECS region has seen us gain significantly in market share, and this is attributable to a revised and focused tactical sales strategy, with the segmentation of the products on the specific target market.

“The solar water heater sales continue to be sturdy and we have seen an increase in distributors within the region.

“We will continue on this path, and in working with Caricom governments on renewable energy solutions to aid in their plight against high energy costs and assist in climate change mitigation.”

Mora Ven explores for and produces hydrocarbons from its field off the South-East coast of Trinidad.

It also manufactures, repairs, and installs solar water heaters and photovotaric systems.

The company’s latest financial results have been posted on the T&T Stock Exchange.

Source:
Trinidad Guardian, A20
Wednesday May 27, 2015