Nov 2016 Financial News

NEL reports $162.7m after tax profit

Nov 15, 2016

Investment holding company National Enterprises Limited (NEL) is reporting profit after tax of $162.7 million for the six months ended September 30. Chairman Jerry Hospedales said the interim financial results were “broadly consistent” with the $174.9 million recorded for the corresponding six month period in 2015. 

“While persistently low commodity prices continue to weigh on their medium-term outlook, the investee companies have proven to be resilient in the challenging global environment by focusing on improving efficiency, seeking new markets, minimising costs and developing strategies to counter increasingly competitive forces,” Hospedales said.

“The medium-term outlook of our investee companies is encouraging, in particular Telecommunications Services of T&T (TSTT) in its drive to become an agile broadband company is investing significantly in the transformation of its information processing technology, in its wired and wireless infrastructure as well as in its retail and customer service support systems. 

“Trinidad Nitrogen Co. Limited (Tringen) is maximising its production to optimise profitability to finance its capital costs with its recently installed Energy Efficiency Improvement Project.”

The chairman said other investee companies are maintaining their profitability and with the appointment of its board, the Power Generation Company of T&T Limited will regularise its payment of dividends to NEL Power Holdings Limited.

Hospedales said NEL directors are ”reasonably assured” that the company’s balanced portfolio of assets will “ensure stability during these uncertain times and continue to provide shareholders with consistent and reasonable returns over the long-term.” 

An interim dividend payment of $0.15 per share will be made to shareholders on December 9.

Source:
Trinidad Guardian
Tuesday November 15, 2016

http://www.guardian.co.tt/business/2016-11-14/nel-reports-1627m-after-tax-profit