PLIPDECO records $39m last year - EntornoInteligente

Entornointeligente.com / The Trinidad Guardian / Point Lisas Industrial Port Development Corporation Ltd, (PLIPDECO), in its parent and consolidated financial statements, is reporting $39 million in group profit for the year ended December 31, 2017. The group closed the year with total assets worth $2.8 billion. Chairman Ian Atherly, in his report accompanying the financial statements, said the challenges being faced by the country due to the declining economy has continued to negatively impact the fortunes of the corporation.

He said, “This has affected trade patterns, the demand for goods and services and consequently Plipdeco’s revenues.”

Looking at Group revenue, the group closed the year with $256.8 million in revenue and this represented a $12 million decline compared to the prior year.

“This was due mainly to declines in throughput at the port in both containerised cargo and general cargo. Containerised cargo saw a decline of 6225 tonnes or 3.7 per cent which when further dissected indicated decreases of 1.7 per cent in exports, 0.2 per cent in imports and 21.7 per cent in transshipment.

“General cargo which declined by 70,338 tonnes or 23 per cent experienced a 39 per cent decrease in exports and a 23 per cent decrease in imports.”

What is clear he said, is that despite the economic challenges, the Corporation has continued to execute its planned equipment acquisitions, capital projects and upgrades with the intention of maintaining competitiveness, increasing productivity and overall efficiency.

“The cost management drive and revenue diversification which continued during 2017 has resulted in great strides and will be followed through in 2018. Consistent with the execution of its strategic planning horizon, the Corporation is about embark upon a substantial investment that forms a part of transforming itself into a logistics services player.” 

PLIPDECO records $39m last year

Con Información de The Trinidad Guardian

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