TTNGL last week reported an 11.4 per cent decline in its after-tax profit for the nine-month period ending September 30, 2016.
Excluding the impact of currency translation, the company’s profit for the period January to September 2016 was $115.9 million, compared with $130.9 million for the comparable period last year.
Including exchange translation differences, TTNGL’s total comprehensive profit for the nine-month period amounted to $266.3 million, which was more than double the year-earlier figure of $124.9 million.
In his chairman’s statement, Gerry Brooks said Phoenix Park Gas Processors (PPGPL) had been adversely affected this year by lower prices for natural gas liquids, which it produces and exports. Government created TTNGL after it hived off shares of PPGPL to sell to local individual and institutional investors in 2015.
Brooks also attributed TTNGL’s reduced after-tax profit to lower natural gas volumes to Point Lisas for processing.
The TTNGL chairman said: “To mitigate the effects of a weaker pricing environment, PPGPL has remained focused on aggressively managing its costs while maintaining high uptime and operating efficiencies at its facilities.”
Brooks also said that prudent cost and cash management would enable TTNGL to maintain its dividend payout ratio.