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NEL profits down 22%

Tuesday, February 14, 2017

The state’s investment holding company, National Enterprises Ltd (NEL), yesterday declared after-tax profit of $203.9 million for the nine months ended December 31, 2016, which was $58.9 million or 22.4 per cent less than the comparative period last year.

NEL holds the State’s investment in TSTT, National Flour Mills, Tringen, as well as shares in Phoenix Park Gas Processors, Atlantic LNG Train I and in PowerGen.

In her chair’s statement, newly appointed Ingrid Lashley said: “These results were dampened by the impact of a decrease of $59.4 million or 26.9 per cent in the company’s share of profit of investee companies indicative of lower hydrocarbon-related prices and production and slower level of economic activity.”

Lashley added that the companies in the NEL portfolio have identified the core issues that will impact their profitability in the short to medium term and have been developing strategies and realigning resources to take advantage of potential opportunities.