Profit drops at Trinidad’s NGL

T&TNGL traded at  $21.51 on Thursday

T&TNGL traded at $21.51 on Thursday

Recently listed Trinidad and Tobago NGL suffered a sharp fall in profit in the September quarter with an out-turn of TT$44 million compared to $114 million in the same period last year and $125 million for the nine months to September, down from $219 million for the 2014 period.
The profit generated in the third quarter although sharply down from the similar period in 2014, is well up on the operating profit of $28 million for the March quarter but down on the $53 million in the June quarter of 2015. The decline is reflective of the fall in world energy prices.
The results flowed from the company’s share in a liquid gas joint venture of $46 million in the quarter, a fall from $129 million in the 2014 period and $134 million versus $277 million for the nine months in 2014. There were hardly any expenses incurred in operating the company.
Earnings per share for the September quarter is 28 cents and 85 cents for the nine months and should be around $1.15 for the full year.
NGL was incorporated in Trinidad and Tobago in September 2013. The The company does not do the processing on its own but acts as an investment holding company following acquisition of 39% of the share capital of Phoenix Park Gas Processors that is the largest producer of natural gas liquids in Trinidad and Tobago with its operation commencing in 1991.
The company will be paying a special dividend of 50 cents per share on December 15. A total of 75.8 million out of 116,100,000 issued shares, were offered to the public to raise $1.5 billion for the government of Trinidad and Tobago in September and is listed on the Trinidad and Tobago Stock Exchange and last sold at $21.51 at a PE of 19.

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