Na­tion­al En­ter­pris­es Ltd (NEL)has record­ed a de­cline in of 685 per cent in To­tal Com­pre­hen­sive In­come for the six month pe­ri­od end­ed Sep­tem­ber 30, 2020 and as a re­sult record­ed a $107 mil­lion loss.

Com­pa­ny Chair­man In­grid Lash­ley not­ed in the fi­nan­cial state­ments: “As loss of $107 mil­lion for the fis­cal year to date com­pared to prof­it of $18.4 mil­lion for the com­par­a­tive pe­ri­od last year, is re­flec­tive of the move­ment in fair val­ue this year com­pared to rel­a­tive sta­bil­i­ty in the pre­vi­ous year.”

She not­ed that it al­so in­di­cates a sim­i­lar tra­jec­to­ry for the re­sults of this fis­cal year as the re­cov­ery of com­mod­i­ty prices is ex­tend­ed.

As re­quired by its man­date as an in­vest­ment man­age­ment com­pa­ny, and in light of the im­pact of the COVID-19 pan­dem­ic on the op­er­a­tions of some of its in­vestee com­pa­nies, Lash­ley dis­closed that the Board of Di­rec­tors of NEL up­dat­ed the val­u­a­tion of the re­spec­tive com­pa­nies as at Sep­tem­ber 30, 2020, to de­ter­mine any sig­nif­i­cant move­ment in fair mar­ket val­ue.

She in­di­cat­ed that as at the sec­ond quar­ter of fis­cal year 2020, NEL’s earn­ings con­tin­ue to be im­pact­ed by the de­cline in the per­for­mance of its in­vestee com­pa­nies, specif­i­cal­ly a de­cline in the fair val­ue of Telecom­mu­ni­ca­tions Ser­vices of T&T (TSTT) and some of its en­er­gy port­fo­lio com­pa­nies, NGC NGL and Pan­West.

Lash­ley dis­closed that the loss­es of these com­pa­nies were par­tial­ly off­set by gains in Na­tion­al Flour Mills Ltd (NFM) and NEL Pow­er Hold­ings (NPHL).

She con­tin­ued: “We ex­pect this trend to con­tin­ue at least through to the end of third quar­ter 2021, when up­ward move­ment in com­mod­i­ty prices and im­proved per­for­mance from TSTT is pro­ject­ed to take ef­fect. “

Lash­ley al­so called the time be­fore the com­pa­ny’ re­cov­ery as a “pe­ri­od of pa­tient Re­birth”. She in­di­cat­ed that dur­ing this time, it shall con­tin­ue to pru­dent­ly man­age its in­vest­ment hold­ings, pro­tect­ing its cash flow po­si­tions while dili­gent­ly work­ing along­side its port­fo­lio in­vestee com­pa­nies to en­sure that NEL can re­al­ize gains through in­creased pro­duc­tiv­i­ty and in­no­va­tion in the short­est time pos­si­ble.

The NEL Chair­man said that the com­pa­ny’s com­mit­ment to val­ue is un­wa­ver­ing.