National Enterprises Ltd earned a profit of $387.4m

Business

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National Enterprises Ltd (NEL) earned $387.4 million in operating profit before fair value adjustments and tax for the nine-month period ending on June 30.

This is compared to $270.3 million for the same period last year – showing an increase of $117.1 million or 43.3 per cent – according to its unaudited condensed interim financial statements published on Friday.

The release said this is largely owed to a 40 per cent increase in dividend income. This income is representative of income received from the energy portfolio based on their performance last year.

Chairman Ingrid LA Lashley said, “While dividend income has increased for the year to date, fair-value adjustments have resulted in an overall decline in profit after tax reflective of the volatility of the energy sector.”

She added that the NEL team will continue to review the investment portfolio and assess marketing opportunities to improve shareholder value.

NEL was formed in 1999 to consolidate the government’s shares in specific state enterprises and to facilitate public offerings on TT stock exhange.

It holds shares in seven companies – Trinidad Nitrogen Co Ltd (Tringen), NGC NGL Co Ltd (NGC NGL), Pan West Engineers and Constructors LLC (Pan West), NEL Power Holdings Ltd (NPHL), NGC TT LNG Ltd (NGC LNG), National Flour Mills Ltd (NFM) and Telecommunications Services of TT Ltd (TSTT).