Petrotrin records $1.3 billion profit in 2006
Trinidad Guardian
Port Spain
Petroleumworldtt.com
05 27 07
Even though State-owned Petrotrin made $1.3 billion
in net profit for 2006, it was 17.8 per cent lower
in comparison to 2005.
In results published yesterday, executive chairman
Malcolm Jones stated that revenues reached an all
time high of $25,826.7 million, an increase of
27.5 per cent compared to 2005.
The
company’s net profit declined due to
government take, higher cost of sales partly due
to a write-down of closing inventories to market
prices in September 2006, a hike in operating costs
and disruption in operations due to work stoppages
late last year.
“Government take for this fiscal period
amounted to $4,805.5 million, compared to $3,549.3
million in 2005, an increase of 35.4 per cent.
The growth in the Group’s asset base increased
to $18,663.5 million, which represented an increase
of 7.4 per cent over the previous year,” the
report stated.
“At the end of the year, we were able to
reduce our total debt and improve our liquidity
position. Total debt to equity ratio was 0.27 compared
to 0.36 in 2005, while our current ratio was 1.52
in 2006 compared to 1.45 in the previous year,” the
report read.
Trinidad
Guardian
Friday 25th May, 2007
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