Point Lisas remains undervalued

Bauxite shipPoint Lisas is headquartered in Trinidad, is listed on the country’s stock exchange, last traded at $3.90 and is an undervalued stock with earnings per share including gains on property of $1.85 for the nine months to September this year.
Profit before tax of Point Lisas Industrial Port Development (Point Lisas) for the period to September, excluding fair value gains on property, amounts to $20.4 million an increase of 181 percent over $112,000 for the same period for 2014. Gross profit climbed sharply by 29 percent to $51 million in the third quarter from $40 million in 2014 and for the nine months, an increase of 12.66 percent from $134 million to $151 million.
For the September quarter, profit after tax moved from a loss of $14 million to a surplus of $14 million including fair value gains on property of $10.6 million and fair value loss of $4.7 million in the 2014 quarter. For the year to September, fair value gains on property amount to $58 million for 2015 and $91 million in 2014.
Revenues grew by 10 percent for the nine months to September compared to the period to September 2014. Cash flow from operations amounts to $31 million and is up from $13 million in 2014, leading to cash and equivalent of $60 million at the end of the 2015 period. Administrative and other cost declined moderately by $5 million for the quarter and for the nine months.
According to management in their report to shareholders, the increase in revenue was heavily influenced by containerized cargo operations which experienced a 15 percent increase in throughput over the same period in 2014. The data showed a 4 percent increase in imports, an 8 percent increase in exports and a 60 percent increase in trans-shipment cargo. General cargo experienced a 10 percent decline due to an 88 percent decrease in exports, a 1 percent increase in imports and a 4 percent increase in trans-shipment.
Total assets climbed to $2.28 billion in the third quarter 2015, equity capital amounts to $1.97 billion, borrowed funds amount to $125 million, while current assets stood at $121 million and current liabilities at $52 million.
“In the second and third quarters, PLIPDECO provided bunkering services as part of its service and revenue expansion drive. During the fourth quarter, the Corporation intends to continue with infrastructural improvements, information technology upgrades and move steadfastly with the Port upgrade project. The future outcome of these undertakings would further enhance productivity, overall efficiency of Port Operations and ultimately boost profitability,” Ian R. H. Atherly, Chairman of the company said in a release accompanying the financials.

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