Petrotrin makes $1.7 billion operating profit in last year of service

State-owned Petrotrin made an operating profit of US$250.28 million or TT$1.67 billion during its last year in existence.

This was revealed in unaudited figures that the company’s successor, Trinidad Petroleum Holdings Limited presented recently to investors.

As at the year ended September 30, 2018, the revenues for Petrotrin, stood at US$1,045.20 or TT$7.08 billion.

The company’s Cost of Sales stood at US$195.45 million or TT$1.3 billion while Gross Profit US$849.75 million or TT$5.7 billion. 

After the company’s operating expenses of US$600.47 million or TT$4 billion was deducted the net operating profit stood at US$250.28 million or TT$1.7 billion. 

The figures do not include taxes, depreciation nor financing costs.

The government has argued vehemently that it needed to close the integrated company and cease operations in the refinery because it was not viable.

It sent home thousands of workers and has since offered a new bond to replace its existing debt.

 - by Kyron Regis

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