Energy company [Petrotrin] achieves $85.6m profit

(The Trinidad Guardian Newspaper) Petrotrin chairman Wilfred Espinet said cost reduction initiatives undertaken by the interim executive team installed [since March 2018] at the energy company resulted in a second-quarter profit after tax of $85.6 million.

[According to the Chairman,]  “The mandate given to the board, to make Petrotrin a sustainable profitable entity, through proper governance and management of a competitive business, is planned in three phases: Survive, Thrive and Grow.

For the past three months, the focus was on the first phase, “Survive”. Discretionary spending that was not adding tangible benefits to the operations was reduced and we concentrated on cutting waste.”

Espinet said results for the period ended June 30 followed a loss of $517.5 million for the quarter ended March 31.

Recently published results showed a decrease in the state-owned company’s operating costs of $92.4 million when compared to the same quarter last year and a decrease of $41.9 million when compared to the quarter ending March 31.

In addition, Petrotrin earned $18 billion in revenue for the nine months ending June 30 —a 21.2 per cent increase with the corresponding period in 2017, which Espinet was due to higher oil prices.

He said in a statement accompanying the financial results: “Earnings before Interest, Taxes, Depreciation and Amortisation (EBITDA) increased to $1,767.4 million, or 80 per cent more than the 2017 result for the comparable period. Despite the enhanced operating results, the Group incurred a loss before tax of $242.8 million which translated to a loss after tax of $500.7 million,” the chairman said.

Read More at : http://www.guardian.co.tt/business/2018-07-18/energy-company-achieves-856m-profit