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The PLIPDECO Warehouse entrance

The Point Lisas Industrial Port Development Corporation Limited’s (PLIPDECO) profits for the three month period ending 30 June, 2020 was close to $70 million less than the figure they posted for the same period last year, according to the latest financial statements.

For the three month period ended June 30, 2020 PLIPDECO recorded a profit of $9.7 million.

And for the three month period ended June 30,2 019 PLIPDECO recorded a profit of $79.6 million.

“Despite the challenging economic environment brought about by the COVID-19 global pandemic, the Corporation has generated positive results for the first half of 2020,” a report from chairman Ian Atherly stated.

“For the period ended June 30, 2020 the Corporation has generated a Group Profit before Tax, exclusive of Fair Value Gains on the tenanted Estate, of $11.7 million as compared to $19.7 million for the same period in 2019.

Fair Value Gains of $54 million resulted from increases in fair value of investment properties on the Industrial Estate due to rent reviews and renewals during the first half of 2020.

In the first half of 2019 that figure was $85 million

For the three months ended June 30, 2020 the fair value gain on investment properties was $7.1 million.

“Earnings per Share stood at $1.56 while Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) stood at $31.5 million,” Atherly stated.

That figure stood at $40.3 million for the same period last year.

“Group Revenue generated in the first half of 2020 amounted to $146.3 million, a decrease of $10.8 million or seven percent. This was due to a one-off retroactive billing of Estate rents as a result of rent renewals in 2019. Port Operations revenue however was consistent with 2019,” Atherly stated.

“As we continue into the second half of 2020, the Corporation continues to monitor the economic environment and the impact that it may have on our operations and ultimately our reporting obligations,” he stated.

Atherly gave the assurance that the PLIPDECO board, management and staff are committed to the corporation’s “future growth and development during this especially difficult period domestically and globally.”