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.”