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NEL profits down 31 per cent
State investment holding company National Enterprises Limited (NEL) suffered a 31 per cent decline in its profit after tax or the six month period ended September 30.
The company’s latest financial statements show that profits were down by $49.9 million to $112.8 million from the corresponding period last year, while earnings per share were $0.17 in the first two quarters of the financial year 2018 compared with $0.25 in financial year 2017.
NEL chairman Ingrid Lashley, in her statement to shareholders, said the results were reflective of the challenges of the markets in which its investee companies operate.
“Of note are the more conservative long-term prospects for National Flour Mills Company Limited (NFM) and Telecommunications Services of Trinidad and Tobago (TSTT), our majority owned companies. While these companies have actively progressed their strategic targets, it is anticipated that the impact on results will more readily be influenced by economic factors outside of the companies’ control resulting in a long-term return to improved shareholder value,” she said.
Lashley said commodity prices have generally stabilised since the same period last year and increased upstream hydrocarbon activity is expected to lead to increased petrochemical production for the rest of the financial year.
She told shareholders that NEL’s investee companies have undertaken initiatives to improve operating efficiencies and implement strategic decisions to increase shareholder value over the medium-term, which will redound to their benefit.
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