Apr 2016 Financial News

Plipdeco profits increase to $15.9 million

Apr 28, 2016

There has been an improvement in the financial performance of the Point Lisas Industrial Port Development Corporation Ltd (Plipdeco) for 2015, with a 6.2 per cent increase in throughput in containerised cargo, improved market share for domestic cargo and additional transhipment business.

The annual report, which was posted on the T&T Stock Exchange, showed a ten per cent increase in group profit before tax, from $7.7 million in 2014 to $15.9 million. Group profits with the inclusion of fair value gains amounted to $87.2 million.

Group Revenue grew by six per cent in 2015 largely as a result of the increase in containerised cargo throughput and the rate reviews for some estate tenants.

Plipdeco chairman Ian Atherly told shareholders: “Further analysis of the containerised throughput showed a 2.5 per cent increase in imports, a 3.6 per cent increase in exports and a further increase in transhipment of 18 per cent.

“The revenue and subsequent profits were tempered by an overall reduction in general cargo of three per cent and the effects of salary increases that came into effect from the third quarter.”

Source:
Trinidad Guardian
Thursday April 28, 2016

http://www.guardian.co.tt/business/2016-04-28/plipdeco-profits-increase-159-million