Tuesday, January 16, 2018

NEL reports $411.1m profit

Investment holding company National Enterprises Ltd (NEL) has reported an after tax profit of $411.1 million for the nine months ended December 31, 2012.

In published financial statements yesterday, NEL chairman Kenny Lue Chee Lip, said this represented an increase of $19.1 million or 4.9 per cent relative to the after tax profit of $392 million in the corresponding period in 2011.

Earnings per share also increased to $0.68 in the current period from $0.66 in the comparative nine-month period in 2011.

"While Tringen and NGC NGL were the strongest performers, all of the companies comprising NEL's investment portfolio reported profits for the nine-month period ended December 2012," Lue Chee Lip's statement read. "Nevertheless, NEL's share of profits of its equity-accounted investees declined by $3.6 million or 0.9 per cent compared to year-earlier results."

The results for the first nine months of the financial year have put NEL on course to achieve a positive overall performance for the year, the statement added.

NEL was incorporated in 1999 to consolidate the government's shareholding in select State enterprises and to facilitate a public offering on the local Stock Exchange.

NEL has shares in National Flour Mills (NFM), NGC NGL Company Ltd, NGC Trinidad and Tobago LNG Ltd, TSTT and Tringen.

It shares were listed on the Stock Exchange yesterday at $14.71 per stock unit.