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NEL unable to recover TT$5m investment

rhondathompson, [email protected]

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Port-of-Spain – Holding company National Enterprises Ltd (NEL)has not been able to recover a TT$5 million investment it made in CLICO Investment Bank, part of the struggling CL Financial group.A few shareholders were upset that NEL increased its administrative expenses in its financial year ended March 2010 from $39.6 million in 2009 to $45 million.The concern was raised by minority stockholders during NEL’s annual general meeting at the Crowne Plaza Hotel, Port-of-Spain last Thurday.The meeting followed a challenging year for NEL and its shareholders as the company’s profits fell by $347.4 million or 44.4 per cent in 2010 from 2009, chairman Jerry Hospedales said in NEL’s financial statements.NEL’s net profit for the year fell $774 million in 2009 to $444.5 million for its year ended 2010.Its profit declined because of lower oil, natural gas and ammonia prices in investee companies NGC LNG, NGC NGL and Tringen while telecoms provider TSTT also provided $92 million less in profits because it was consolidating operations and making technology changes in a competitive environment. (Express)