Mar 2016 Financial News

TTNGL records improved profit

Mar 15, 2016

T&T NGL Limited (TTNGL) has recorded after tax earnings of $402.8 million in 2015.

This is a significant improvement over the loss of $804.2 million incurred in 2014,” said chairman Gerry C Brooks in his announcement to shareholders.

Brooks said the cumulative dividend for 2015 was $1.50 and the final dividend of $1 will be paid on May 6.

He said TTNGL’s underlying asset, Phoenix Park Gas Processors Limited (PPGPL), was impacted by lower NGL product prices. These prices were strongly linked to crude oil prices, which fell sharply in 2015.

The company’s lower share of profit from investment in PPGPL was off-set by a partial reversal of $235.2 million of the impairment loss of $1.1 billion, which was recognised in 2014. The reversal was driven by a 27 per cent increase in the terminal value used in the annual impairment review and based on revised long-term projections. Overall, this translated into earnings per share of $2.40 in 2015, versus the loss of $4.87 in 2014.

TTNGL was formally listed on the T&T Stock Exchange last October. It stimulated trading positively on the local exchange when approximately $200 million of shares were traded in the first week of trading following the launch of the Initial Public Offering (IPO). The IPO was also oversubscribed by 1.77 times of the number of shares offered for sale and was the largest IPO on the local stock exchange.

Brooks reaffirmed PPGPL’s strategy of broadening its revenue base through growth of its core business in T&T, pursuit of aggressive international growth in core NGL and related businesses while continuing to rationalise costs. He said this has contributed to profit in 2015 and will lay a solid foundation for activity this year.

Source:
Trinidad Guardian
Tuesday March 15, 2016

http://www.guardian.co.tt/business/2016-03-15/ttngl-records-improved-profit