The Point Lisas Industrial Port Development Corporation Ltd (PLIPDECO) has recorded $75.3 million dollar profit after tax for nine months ended September 30, 2020.
This represents a 26 per cent decline in profits when compared to the previous period’s $101.4 million.
In the company’s financial statements, company Chairman Ian Atherly noted: “As we continue into the new normal brought about by the global pandemic, the Corporation remained committed to contributing to the recovery of T&T by generating positive results.”
After the end of the first three periods PLIPDECO generated a Group Profit before tax, exclusive of Fair Value Gains on the tenanted premises, of $20.7 million in 2020 as compared to $28.6 million in 2019.
The Fair Value Gains of $62 million in 2020 (2019: $82 million) resulted from increases in fair value of investment properties on the Industrial Estate due to rent reviews and renewals during the three quarters of 2020.
The company’s Earnings per Share (EPS) stood at $1.91 ($2.56: 2019) while Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) stood at $48.9 million (2019: $57.4 million).
Group Revenue generated for the three quarters of 2020, amounted to $228.2 million (a decrease of $3.4 million or one per cent).
Atherly said: “The reduction in revenue is a result of a decrease in cargo throughout at the Port as well as a reduction in retroactive lease renewals.”
He added: “The decrease in cargo throughput was attributed to a one per cent reduction in containerised cargo and a 17 per cent reduction in general cargo tonnage when compared to 2019.”
Atherly expressed that as PLIPECO approaches the end of 2020, the Corporation would continue to monitor the economic environment and the impact that it may have on its operations, “while making the necessary adjustments from process and fiscal perspectives.”