JCR-VIS Reaffirms Ratings Of Jamshoro JVL
KARACHI, Jan 3 (UrduPoint / Pakistan Point News - 03rd Jan, 2017 ) : JCR-VIS Credit Rating Company Limited has reaffirmed the entity ratings of Jamshoro Joint Venture Limited (JJVL) at `A+/A-1' (Single A Plus/A-One).
The outlook on the assigned ratings was positive. The previous rating action was announced on January 19, 2016, said press release here on Tuesday. The ratings are supported by JJVL's prominent position in the LPG business and largely sustained operating performance with higher capacity utilization offsetting the impact of lower volumetric sales and subdued product prices.
Gas processed remains the main driver of profitability. Downward revision in operation and maintenance charges positively reflected on the margins of the company. Going forward, revenues are expected to sustain while lower product prices may put pressure on margins.
Pakistan Gasport Limited (PGPL), a subsidiary of JJVL, is in process of establishing a LNG import tolling terminal with an on board re-gasification, JJVL has contributed 25 percent of the ordinary share capital of PGPL amounting to Rs 1.073 billion.