Point Lisas Port records $14m profit

The Point Lisas Industrial Port Development Ltd (PLIPDECO) recorded a $14 million profit for the three months ending September 30, according to its condensed consolidated interim financial information released on Thursday.

For the third quarter ending September 30, the company earned $94.5 million, which, after costs of providing services and operating expenses, resulted in profit before tax of $17.3 million.

For the same period in 2022, the company earned $87.7 million in revenue, which came down to a profit before tax of $4.7 million and a profit after tax of $3.3 million.

The figures were the latest in an upward trajectory for the company, which saw it earn $48.2 million in profits after tax for the nine months ending September 30.

For that period the PLIPDECO earned $268.9 million, as compared to $264.6 million the year before. Its operating profit was $57.4 million, as compared to $39.4 million, and its profit after tax was $48.2 million, as compared to $29.8 million.