Plipdeco announces resignation of director

THE Point Lisas Industrial Port Development Corporation of TT (Plipdeco) has announced yet another change in its executive, this time with director Ayanna Miguel resigning from the board, effective February 28.

The resignation was announced on the TT Stock Exchange (TTSE) website on March 10.

"The corporation wishes to express its gratitude to Miguel for her service," Plipdeco said in its notice of material change.

Miguel’s resignation is the latest in a list of resignations at the corporation, starting with its president, Earnest Ashley Taylor in December 2024.

Taylor had been sent on administrative leave in July 2024 amid concerns over contracts that were negotiated during his tenure.

Averne Pantin, vice-president of technical services, was appointed acting president of the corporation.

The company did not inform the TTSE of this change until September 2024.

Plipdeco was also supposed to hold its annual general meeting in July that year, but that was postponed until October.

A notice published on October 11, 2024, announced that chairman, Daniel Dookie, had also "ceased to hold a position on the board" after the corporation's AGM.

He was replaced by Annette Wattie.

In January, Plipdeco announced that Pantin resigned from the corporation, effective February 7.

In Plipdeco’s latest financial report for the nine months ended September 30 2024, it announced a profit after tax of $180.4 million, as compared to $48.23 million for the same period in 2023.

Its revenue was $285 million, six per cent higher than the same period in 2023, when it recorded $268.9 million in revenue.

In her chairman's statement, Wattie said that based on the performance for the nine months, the corporation is expected to exceed its performance from last year.

"This significant increase in profitability resulted from a net impact of increased revenue coupled with a decline in some of our operating expenses as well as the positive impact from a reversal of bad debts expense, which was previously recognised," Wattie said.