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UDC bleeding millions
2012-10-10 17:40:50 | (0 Comments)
Parliamentís Public Administration and Appropriations Committee (PAAC) heard today that the Urban Development Corporation (UDC) was hemorrhaging resulting in a net operating loss of $487 million.
This massive net operating loss was recorded for the period ended August 31, 2012.
The company had budgeted for a net operating loss of $219 million.
General Manager of the UDC Desmond Malcolm told PAAC committee members that the Montego Bay Convention Centre was a huge drain on the corporationís budget.
He said the centre was costing the UDC some $300 million per annum to maintain.
The UDC general manager said he did not see the centre realising a profit in the near future.
He also mentioned that the downtown bus park was costing the corporation $10 million per annum.
Malcolm said that efforts to transfer the park to the Kingston and St Andrew Corporation failed as the entity returned the facility to the UDC.
Source: The Gleaner/Power 106 News
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