REVENUE EARNED by the Jamaica Urban Transit Company Limited (JUTC) for the 2005/2006 fiscal year stood at $2.73 billion, $45 million or 9.9 per cent more than the $2.28
billion pulled in during the previous financial year.
The increased earnings have been attributed to the 30 per cent hike in regular bus fares in August last year. This also resulted in the company achieving a small profit in September 2005 and January 2006.
Increased revenue, however, was eroded by operational expenses, which jumped by $25 million or 8.28 per cent from $3.02 billion in 2004/2005 to $3.27 billion at the end of the last fiscal year.
SMART CARD REVENUE
In his contribution to the 2006/2007 Sectoral Debate in Gordon House on Tuesday, Minister of Housing, Transport, Water and Works, Robert Pickersgill, reported that revenue earned from Smart Card promotions yielded $186 million in 2005/2006, an increase of $75 million over the $110 million recorded in the previous fiscal year.
Turning to the Government's Road Maintenance Fund, Mr. Pickersgill said more than $612 million would be spent this financial year for road-related repairs, including routine maintenance, drainage, road junction improvement, markings signs, beautification and emergency repairs.
In addition, the fund will finance repairs at two Corporate Area road junctions where poor road conditions have contributed to traffic congestion.
At Barbican and East King's House roads, where the National Works Agency has already started work, the bridge is to be expanded, traffic signals installed and the road is being widened.
The NWA is currently carrying out works to widen the road junction at Barbican Road and Russell Heights. A retaining wall will be reconstructed and bridge expansion works will also be carried out.
E.C.
