Profit before tax for Trinidad’s Point Lisas Port Development Companyand excluding the impact of fair value gains was $15.3M, an increase of 358 percent compared to the same period last year of $3.3M this flowed from a 19.6 percent growth in revenues. Including gains on valuation of investment properties the company reported profit of TT$67 million versus $36 million in 2014.
Volumes handled by the port grew strongly with the containerized cargo operations experiencing a 25 percent increase in volume but general cargo operations suffered a 13 percent compared to the levels recorded in 2014. The growth in containerised cargo resulted from a 10 percent increase in imports, an 11 percent increase in exports along with a 94 percent increase in trans-shipment cargo. For general cargo there was an 88 percent decrease in exports, a 7 percent increase in imports and a 320 percent increase in trans-shipment.
Direct cost rose faster than the growth in revenues with an increase of 29 percent. Administrative expenses remained relatively stable during the quarter at $21 million but other operating expenses declined to 158 million from $20.5 million.
The Group’s total assets grew to $2.33B in the first quarter of 2015, an increase of 3 percent from December 2014 when the asset base was $2.26B. Working capital continues to remain strong having improved from $49M at December 2014 to $65M in March 2015. The shareholders’ equity stood at “PLIPDECO will continue to embark on various endeavours as determined in its strategic plan. These include among other things infrastructural improvements, information technology upgrades (some already implemented during the first quarter 2015), and continuation of the Port expansion project. The preceding undertakings would further enhance efficiency and productivity to effectively position PLIPDECO in its drive towards continued growth$1.966 billion” Ian Atherly, Chairman of the company told shareholders in his report accompanying the quarterly results.
At the rate of income generation in the first quarter Point Lisas could earn around $1.70 per share excluding cap gains in 2015. The stock which is listed on the Trinidad & Tobago Stock Exchange and traded as high as $8.25 in 2007, last traded at $3.69. The net asset value of the stock is $49.60.
The stocks is undervalued and seems to be an interesting, IC Insider is maintaining a BUY RATED status on the stock.
Point Lisas undervalued shares
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[…] shares ended at $2.06, National Enterprises with 28 shares changing hands, closed at $16.95 and Point Lisas closed with 200 shares changing hands at $4.06. IC bid-offer Indicator| At the end of trading the […]
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[…] Fund traded 243,571 shares, valued at $5,484,092 and closed with a gain of a cent at $22.51, Point Lisas traded 9,230 shares and gained 1 cent to end at $4.07. Sagicor Financial Corporation closed with […]
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[…] Financial closing with 210,250 shares valued at $1,318,268, the price edged up 1 cent to $6.27. Point Lisas Industrial Port traded at $3.95, for 5 cents more, with 10,355 units changing hands and Scotiabank traded 42,355 […]
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[…] T&T Index fell 0.30 points to 1,969.45 and the Cross Listed Index remained at 46.36. Gains| Point Lisas Industrial Port traded at a new 52 weeks’ high of $3.90 with just 600 units changing hands and gained 7 cents and […]
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[…] Listed Index advanced by 0.02 points to 46.47. Gains| Stocks increasing in price at the close are, Point Lisas trading 91,315 shares with a value of $349,736 and gained 2 cents to $3.83, Sagicor Financial […]
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[…] Flour traded 9,352 shares to close with a gain of 3 cents to close at a 52 weeks’ high of $1.73. Point Lisas Port Development gained 8 cents to end at $3.77 with just 198 units changing hands, and West Indian Tobacco trading […]
[…] Point 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. […]