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Monday, April 21, 2014
Trinidad & Tobago Guardian Online
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Plipdeco profits soar on investment gains
Pt Lisas Industrial Port Development Corporation Limited (Plipdeco) profits soared on “unrealised fair value gain on investment properties,” according to the company's results for the third quarter of 2013 released December 2. The company's bottom line multiplied more than seven times, from $25.6 million for the nine months ended September 30, 2012 to $188.1 million for the nine months ended September 30, 2013. The leap was due entirely to the $168.26 million in “unrealised fair value gain on investment properties.”
Without the fair value gain, the company's results quarter on quarter moved from $11.18 million for the three months ended September 30, 2012 to $24.67 million for the three months ended September 30.
“I am pleased to report on the performance of Plipdeco for the period January to September 2013. The corporation’s profit before tax and excluding the impact of fair value gains was $25.9 million, resulting in an increase of $18.6 million over the results achieved for the same period of 2012, and 44 per cent higher than the overall performance for the financial year ended December 2012.
“This increase in profitability was supported in part by improved containerised cargo throughput and reduced costs in strategically targeted areas,” said Plipdeco chairman Ian Atherly.
“Containerised cargo operations experienced a 13 per cent increase and general cargo operations experienced a 19 per cent decrease compared to the levels experienced in 2012. A closer look at a subset of these figures reveals that for containerised cargo there were increases in imports and exports of nine per cent and six per cent respectively, as well as an increase of 44 per cent in transshipment cargo.”
For general cargo operations, although there was a net decrease of 19 per cent as at September, there were increases in transshipment and imports of 111 per cent and seven per cent respectively, Atherly said. “Plans for the expansion of the port are progressing smoothly as we actively look toward the realisation of this significant milestone that will not only redound to the benefit of the corporation but to the country as a whole,” he added.
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