I refer to Ralph Maraj’s column, “A monumental mess”, in yesterday’s Sunday Express (Page 15).
Mr Maraj, in quoting my submission, left out the paragraph: “There is a non-cash one-time income adjustment of $2 billion for curtailment of post-retirement benefits in the financial report and if this is also removed Petrotrin would still be profitable at approximately $1 billion for last year.”
When I explained the non-cash adjustments, I began with the expenses. The above-mentioned item of post-retirement benefits related to income and followed afterwards. Without this inclusion, readers could be unfairly misled that the Petrotrin profit would have been $2.9 billion, which would not be correct.
I ask that you publish this submission in order to clarify the matter. Truthfully, and in fairness to the powers that be, there can be no conclusions on the Petrotrin closure without all pertinent facts being examined by appropriate ethical professionals as besides the financials, there could be many other issues, some of an operating nature that could be significant in the decision.
All that I petitioned in the submission was a faint-hearted request for more disclosure as an interested citizen in the matter.
Peter S Moralles