Very usefull links


News links




Dow Jones

Oil price



Views and News





Petrotrin up revenue 9.6 per cent, but still incurred a loss




By TT Guardian

Petroleumworld 06 04 2018

Petrotrin recorded revenue of $11.3 billion for the six month period ending March 31 —a 9.6 per cent increase compared with the corresponding period in 2017.

The company's audited financial statements show earnings before Interest, Taxes, Depreciation and Amortisation (EBITDA) increased to $984.6 million, or 4.4 per cent more than the 2017 result for the comparable period.

However, the state-owned energy company incurred a loss before tax of $513.8 million which translated to a loss after tax of $571.3 million.

Chairman Wilfred Espinet said the loss was largely due to a change in the accounting treatment of taxes related to losses in the Refining and Marketing division that resulted in a $218 million increase in losses, as well as a change in the accounting treatment of Interests cost on bank borrowing for the Ultra Low Sulphur Diesel (ULSD) project which increased losses by $94.3 million

He added: “For the period ending March 31, 2018, Crude Purchases—Cost of Sales—increased by $1,059 million over the corresponding period because of higher prices. This was partially offset by a $990 million increase in revenue from Refined Product sales, but the net effect was a $69 million loss.”

Petrotrin's asset base decreased to $39.7 billion compared with $49.2 billion for the corresponding period in 2017, primarily because of the write down of its fixed asset balance for an impaired asset and the reclassification of previously capitalised borrowing cost on the ULSD project to expense.

Total debt to equity and current ratios as at March 31 2018 were 3.63 and 0.48 respectively, compared to ratios of 1.10 and 0.48 as at March 31, 2017.

“The Board remains committed to addressing all the issues confronting Petrotrin in the midst of challenging external circumstances. We continue with an aggressive programme to reduce costs and improve productivity and asset integrity in our drive for sustainability,” Espinet said


Twitter: @petroleumworld1

Hit your target - Advertise with Us

Story from TT Guardian.
06 04 2018

We invite all our readers to share with us
their views and comments about this article.
Write to

By using this link, you agree to allow PW
to publish your comments on our letters page.

Any question or suggestions,
please write to:

Best Viewed with IE 5.01+ Windows NT 4.0, '95,
'98,ME,XP, Vista, Windows 7,8,10 +/ 800x600 pixels


November 13 - 15, 2018.

Gubkin University, Moscow
SPE Student Chapter











Editor & Publisher:Elio Ohep/
Contact Email:

CopyRight © 1999-2016, Paul Ohep F. - All Rights Reserved. Legal Information

PW in Top 100 Energy Sites

CopyRight©1999-2017, Petroleumworld ™  / Elio Ohep - All rights reservedThis site is a public free site and it contains copyrighted material the use of which has not always been specifically authorized by the copyright owner.We are making such material available in our efforts to advance understanding of business, environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have chosen to view the included information for research, information, and educational purposes. For more information go to: If you wish to use copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission fromPetroleumworld or the copyright owner of the material.