Aug 2017 Financial News

Plipdeco profits decline 57%

Aug 15, 2017

The Point Lisas Industrial Port Development Corporation Ltd (Plipdeco) is reporting a 57 per cent decline in profit after tax for the six months ended June 30, 2017.

According to the company’s financial statements, for the six months ended June 30, 2017 Plipdeco recorded $28.5 million in profit after tax as compared to the same period last year when it reported $66.3 million.

In his statement accompanying the accounts, Plipdeco chairman Ian Atherly said that “the effects of the global and local economic decline” continued to pose significant challenges to the company’s operating revenue.

Commenting further on revenue from its operations Atherly stated that group revenue decreased by $2.4 million (2 per cent) “due to declines in throughput of containerised cargo of 422 TEUs (twenty-foot equivalent unit) or one per cent and 56,563 tonnes (31 per cent) in general cargo volumes.”

He added: “Further analysis evidenced a 0.5 per cent increase in imports, a one per cent increase in exports and an 11 per cent decrease in transshipment containerised cargo. General cargo experienced a two per cent decrease in exports and a 32 per cent decrease in imports.”

The corporation also registered an increase in its total assets, moving from $2.5 billion in 2016 to $2.8 billion for the comparable six-month period in 2017.

Cash and cash equivalents for the period stood at $126.1 million.


Source:
The Trinidad and Tobago Guardian
Tuesday, August 15, 2017
http://www.guardian.co.tt/business/2017-08-15/plipdeco-profits-decline-57