Mar 2016 Financial News

Mora Ven revenue down 20 per cent

Mar 08, 2016

Independent oil and gas company Mora Ven Holdings Ltd suffered a 20 per cent decrease in revenue for the first nine months of 2015 and is adjusting to the 70 per cent drop in the price of oil.

Commenting on the company’s interim financial results for the nine months ended September 30, 2015, executive chairman George Nicholas III and director Arnold

Waterman said the knock on effect of lower oil prices in some Caribbean countries had affected Mora Ven’s Solaris projects.

“This has led us to go further afield in the Americas. We have and continue to restructure significantly in this low cost environment,” they said.

For the period, Mora Ven and its subsidiaries produced a profit of $1,946,812 and earnings before interest, taxes and amortisation (EBITA) of $5,487,408.

In their report to shareholders, which was been posted on the T&T Stock Exchange, the director’s said the company’s total assets increased to $394,566,081—a 131 per cent increase over the previous year.

The added, however: “Unfortunately the return on the pre-planned acquisition of equipment has been disappointing due to the present slowdown, but we are confident that shall change in the near future.

Nicholas and Waterman say they are confident that there will be an improvement in oil prices in the fourth quarter of this year and during 2017 and with some 200 million barrels of oil in place at Mora Oil, already have equipment and manpower in place to develop their fields.

They said they are seeking larger markets for Solaris and are awaiting the outcome of talks with Repsol.

Source:
Trinidad Guardian, A16
Tuesday March 8, 2016