REVIEW OF THE ECONOMY 2013
47
SUSTAINING GROWTH, SECURING PROSPERITY
a result of favourable methanol and ammonia
prices, while the operating revenues of TRINGEN
reflected an increase in the sale of foreign goods
and services.
Among the non-energy sector State Enterprises,
Caribbean Airlines Limited’s (CAL) operating
deficit for the period, amounting to $647.0
million was the largest. This deficit was partly
offset by the surplus contributions of the
National Maintenance, Training and Security
Company Limited (MTS) of $114.6 million,
the Point Lisas Industrial Port Development
Company (PLIPDECO) ($41.7 million), and
the Trinidad and Tobago Mortgage Finance
Company (TTMF) ($4.9 million).
Over the review period, Public Utilities recorded
a deficit of $926.7 million which represented a
22.1 percent increase from the $759.1 million
deficit recorded in the first seven months of
fiscal 2012.
Among
the
Public
Utilities,
only
the
Telecommunications Services of Trinidad and
Tobago (TSTT) generated a surplus, amounting
to $664.0 million. The other five (5) utilities
generated operating deficits for the period
totalling $1,590.7 million with the Water and
Sewerage Authority (WASA) responsible for 67.4
percent ($1,072.0 million) of the overall deficit
associated with the Public Utilities.
CURRENT TRANSFERS TO
STATE ENTERPRISES & PUBLIC
UTILITIES
For the sevenmonths ending April 2013, Current
Transfers from Central Government amounted
to $1,645.7 million, representing an increase
of 2.0 percent over the corresponding period
of the previous year. Of this amount, $444.2
million (27.0 percent) was transferred to
State Enterprises, while $1,201.5 million (73.0
percent) was transferred to Public Utilities.
During the period, transfers to the Water
and Sewerage Authority (WASA) amounted
to $890.4 million, or 74.1 percent of total
transfers to Public Utilities. Caribbean Airlines
Limited (CAL), on the other hand, was the main
beneficiary of transfers to the State Enterprises
Sector with $271.4 million in transfers.
CAPITAL EXPENDITURE
Over the review period, Capital Expenditure
incurred by both State Enterprises and Public
Utilities, totalled $3,466.1 million; of which State
Enterprises and Public Utilities accounted for
77.2 percent and 22.8 percent, respectively.
Only $673.8 million, or 19.4 percent, of the total
budget was used for Government Projects.
Capital Expenditure by State Enterprises
amounted to $989.9 million, of which
PETROTRIN utilised $136.8 million for its
continuing Gasoline Optimisation Programme
(GOP) and $77.2 million for the Ultra-Low
Sulphur Diesel Unit (ULSD). As at March 2013,
the GOP involved the construction of five (5) new
Plants at the Pointe-à-Pierre Refinery, aimed at
producing cleaner and environmentally friendly
transport fuel. The ULSD is designed to produce
higher grade diesel tomeet new stringent quality
specifications (sulphur and aromatics) in the
local, regional and international markets.
Of the Capital Expenditure undertaken by State
Enterprises, the NGC utilised $356.0 million
associated with several projects relating to
improving the supporting infrastructure to
expand thenatural gas industry and its utilisation
in downstream industries including liquefied
natural gas (LNG), methanol, ammonia, iron and
steel, and other gas-based products.
Additionally, the capital expenditure by non-
energy State Enterprises was relatively high with
TTMFspending$580.0million,ofwhichprincipal
repayments on two (2) loans represented the
major expenditure. Further, UDeCOTT spent
$285.6 million for the construction of various
government buildings, the major portion being
spent on the Chancery Lane Complex.
REST OF THE NON-FINANCIAL PUBLIC SECTOR OPERATIONS
