Nov 2016 Financial News

Plipdeco remains profitable

Nov 04, 2016

The Point Lisas Industrial Port Development Corporation Limited (Plipdeco) has managed to remain profitable despite challenges facing the local and global economy, chairman Ian Atherley has told shareholders.

In a report accompanying Plipdeco’s unaudited financial report for the third quarter ended September 30, Atherley said the company’s profit before tax, inclusive of fair value gains, was $75.6 million. Profit before tax, excluding the impact of fair value gains on tenanted estate premises, stood at $5.93 million compared to $20.4 million in 2015.

Earnings per share (EPS) stood at $1.68 (2015: $1.85). Earnings before interest, taxes, depreciation and amortisation (EBITDA) and excluding fair value gains were $34.8 million (2015: $49.9 million).

However, group revenue decreased by $25.5 million (12 per cent) due to a 29 per cent decline in throughput of containerised cargo and a marginal increase in general cargo volumes.There was a 16 per cent decrease in imports, a 19 per cent decrease in exports and a 63 per cent decrease in transshipment of containerised cargo. General cargo experienced a four per cent increase in exports, a one per cent increase in imports and an 86 per cent decrease in transshipment compared to 2015.

Source:
Trinidad Guardian, A18
Friday November 4, 2016