Big profit for NWC

THE NATIONAL Water Com-mission (NWC) increased its operating profit by $381 million in fiscal year 1999/2000, compared to the figure for 1998/99.

In its annual report for 1999/2000 which was tabled in Parliament last Tuesday, the NWC pointed out that its operating profit increased from $94 million in 1998/99 to $475 million in 1999/2000.

The report noted that income had increased from $3.7 billion in 1998/99 to $4.3 billion in 1999/2000 and that operational expenses had also increased marginally from $3.5 billion to $3.7 billion, and this has resulted in the profit recorded.

Total assets of the NWC increased from $3.3 billion to $6.1 billion for fiscal year 1999/2000. This was due to the addition of the Ocho Rios, Negril and the Montego Bay sewerage plants which were financed by the Government.

The report also pointed out that the NWC was becoming more self-reliant, as capital grants from the Government fell from $352 million in 1998/1999 to $217 million in fiscal year 1999/2000.

Minister of Water and Housing, Dr. Karl Blythe, said he was heartened by the performance of the NWC.

"I am happy to see that the NWC is aware that we are in a new mode of doing business, resulting in its best financial results to date. This is as it should be, because in this new dispensation, agencies of the Ministry realise that their operations must be efficient in order to generate the surplus necessary to expand service," he said.

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