Home' Trinidad and Tobago Guardian : November 11th 2013 Contents A19
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Local energy company Mora Ven
Holdings Limited has generated a
before-tax profit of $8.8 million
for the nine months ending Sep-
The group s interim financial
statements show that revenue grew
by 85 per cent and operating expens-
es by 73 per cent compared to the
same period in 2012. The group s
assets have now reached
Executive chairman George
Nicholas III said in a statement to
shareholders: "We are establishing
ourselves as the preferred supplier
of our high quality renewable energy
applications from California to
Guyana and beyond.
"The patented products that we
manufacture are doing well. Our
Caribbean sales team has just
returned from Brazil where solar
energy has the support of that coun-
try s legislators. Results for Q3 have
shown continued growth on previ-
"In Q4, the solar market in the
USA and other international markets
will have a positive impact on the
balance sheet, whilst it has taken
time to obtain the necessary permits
and we have incurred other asso-
ciated start-up costs, we believe
with our depth of products that
growth will continue to show a sus-
tained upward trajectory. "
The company experienced some
breaks in production due to the fail-
ings of upstream companies. How-
ever, this has been overcome.
"With the potential for increasing
production, the future for Mora
crude is secure. I have previously
mentioned our hope for the field
following the investigative work on
the potential reserves," Nicholas
"Suffice it to state that based on
the interpretation of the field using
state of the art seismic acquisition
and interpretation, we can assure
that crude will remain steadfastly
an important component of the
Group. The acquisition of a snubbing
unit capable of drilling will make
good use of advice we have received
following the investigations."
Nicholas said Mora Ven s oil plat-
form is undergoing structural
upgrades by a certified global con-
tractor who is conducting repairs to
the helideck, drainage, access and
egress as well as other work on the
deck, handrails and other areas.
The company s new natural gas
compressor will be up and running
by the end of Q4 in addition to the
two new generators which have been
installed, one diesel and the other,
Nicholas said: "Accelerating this
present growth rate will put the
Group in a good place by the end
of Q4 and we should, subject to
unforeseen issues, be in a position
to make payment of a further div-
idend, continuing the trend of recent
times of returning to investors a
dividend on their shares."
Mora Ven revenues up by 85 per cent
Collin Wellington, left, and a farmhand show a mule duck to Food Production Minister Devant Maharaj, right, during his visit to Central Farms.
PHOTO: SHASTRI BOODAN
change says regulators have approved
its acquisition of NYSE Euronext and
the deal will close Wednesday.
IntercontinentalExchange Inc, a
futures exchange based in Atlanta, agreed
to buy NYSE Euronext in December in
a cash-and-stock deal then valued at
US$8 billion. ICE valued the deal at
US$10.9 billion based on the November
1 closing price of its shares.
The sale was expected to close
November 4, but was delayed because
some European regulatory agencies
hadn t approved it yet.
The European Commission
approved the deal in June, and the US
Securities and Exchange Commission
did so in August.
ICE was founded in 2000 and has
expanded rapidly through acquisitions.
The combined company will be the
third-largest exchange group globally,
behind Hong Kong Exchanges and
Clearing and CME Group Inc, parent of
the Chicago Board of Trade and the New
York Mercantile Exchange. (AP)
ICE and NYSE Euronext tie-up will close Wednesday
George Nicholas III...
Mora Ven Holdings Limited
Import surcharge to resume for poultry
"The patented products that we manufacture are doing well. Our
Caribbean sales team has just returned from Brazil where solar energy
has the support of that country's legislators. Results for Q3 have shown
continued growth on previous periods.
In Q4, the solar market in the USA and other International markets will
have a positive impact on the balance sheet..."
There are plans to boost local duck pro-
duction, Devant Maharaj, Minister of Food
Production, said after he toured Central Farms
at Milton Village, Couva.
Maharaj said the local market for duck meat
is growing. During the period 2000-2010,
global demand increased from 2.9 million tonnes
to exceed 4.0 million tonnes and global pro-
duction is expected to increase to 4.5 million
He said the local poultry industry continues
to face competition from imported poultry
largely due to removal of the import surcharge
in 2007 and the removal of the CET in 2006.
He said the Government has agreed to rein-
troduce the import surcharge at a rate of 15 per
cent on imported poultry and provide an oppor-
tunity for local farmers to meet local demands.
Maharaj said there is room for more duck
producers to come on board and use technology
to increase production.
Collin Wellington, of Central Farms, said his
farm cannot produce enough ducks for the
local market because of the high demand. He
said Central Farms produces 25,000 ducks a
month that and they are sold for about $22 a
pound live weight.
Wellington said production is expected to
increase to 40,000 ducks a month as demand
increases for the Christmas season. He said
Central Farms plans to expand into producing
ducklings locally. At present ducklings are
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