TPHL declares $1.6Bn loss

  • Petrotrin's successor company, Trinidad Petroleum Holdings Ltd (TPHL) reported on July 3rd, an unaudited net loss after tax of $1.6Bn for the six-month period ending March 31, 2019.
  • In a newspaper article published yesterday, State-owned TPHL said it generated revenue of $4.9Bn from continuing operations and positive operating cash flows of $1.7Bn for the six-month period.
  • In the group's chairman's report, TPHL chairman Wilfred Espinet said: 'The loss is attributable largely to the performance of Petrotrin during its last two months of operation before the cessation of operations on November 30, 2018.
  • For the six-month period ended March 31, 2019, Petrotrin and Guaracara recorded net losses after tax amounting to $1.5Bn. Legacy finance costs of $300Mn associated with the transfer of Petrotrin's loan obligations were also assumed by the parent. Excluding the effects of these amounts, the group would have recorded profitable results of $200Mn.'

(Source: Trinidad Express)