Mar 2017 Financial News

TTNGL's profit declines

Mar 14, 2017

T&T NGL Ltd (TTNGL) recorded after-tax profit of $179.6 million for the year ended December 31, 2016, a 51.6 per cent decline from the $370.8 million the company reported in 2015, the company indicated in its summary financial statements published yesterday.

In his chairman’s statement, Gerry Brooks indicated that TTNGL’s share of profits from its investment in Phoenix Park Gas Processors (PPGPL) increased by 20.3 per cent to $164 million in 2016, compared with $136.3 million in 2015.

According to Brooks: “The improved performance at PPGPL was directly linked to the deliberate efforts of the company to rationalise expenses in the face of lowered natural gas liquids (NGL) production caused by continued gas supply challenges and lowered NGL prices.”

While TTNGL’s income from PPGPL was higher in 2016 than in 2015, the company recorded a smaller reversal of the $1.1 billion 2014 impairment last year ($17.8 million) than in 2015 ($235.1 million).

TTNGL said it embarked on several value-creating initiatives, including product trading, which will diversify and enhance future revenue and profitability.

Brooks also announced that TTNGL would pay out a dividend of $1 a share, which means that shareholders would have received total dividends of $1.50 for 2016. The dividend payout for 2016 results in a yield of 7.14 per cent as of the end of December

Source:
Trinidad Guardian A16
Tuesday March 14, 2017