A legal battle is brewing over the financial information provided to Parliament last week about payment made to attorneys by the Ministry of the Attorney General for legal and other technical/profe
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NEL profits down 16%
National Enterprises Ltd (NEL) saw a 16 per cent drop in profit for the nine months ended December 31, 2013. Consolidated financial statements show that the profit of $345,462,000 was less than the figure for the corresponding period in the previous year. The earning per share dropped to $0.57 compared to $0.68 for the previous period. Chairman Kenny Lue Chee Lip said NEL investee companies, particularly NGC NGL, have paid out lower dividends so far for this financial year.
“With only the final quarter to go, the expectations for this financial year are not as good as last year,” he said. Lue Chee Lip said NEL had acquired ten per cent shareholding in Powergen from BP as well as one million shares in Clico Investment Fund. “These assets have diversified the company’s asset mix to now include holdings in the power and financial services sectors and increased the dividend streams that will be received in the future,” he said.
“The purchase of these were done from the company’s retained earnings so the increased asset base was offset by a decrease in retained earnings.” NEL is an investment holding company operating on behalf of the Government. The company holds shares in selected state enterprises, including 51 per cent holding in TSTT, and 20 per cent of the shares in NGC NGL Company Ltd. NEL also facilitates a public offering on the T&T Stock Exchange.