Mayhem cost some businesses $50m
Published:Wednesday | June 9, 2010 | 12:00 AM
Tyrone Reid, Staff Reporter
A Private Sector Organisation of Jamaica (PSOJ) survey on losses suffered by the business and productive sectors shows that more than 98 per cent of its members were hurt by the late-May civil unrest in the capital.
Some 52 PSOJ members responded to the informal poll, which revealed that forced closure (67.3 per cent) and reduced working hours (82.7 per cent) were the most popular reported effects of the upheaval on their operations.
The survey was spawned by questions from The Gleaner.
Some businesses (5.8 per cent) also reported that they suffered loss or damage to property.
Most of the businesses (35.3 per cent) reported that the loss incurred was below $1 million, while 27.5 per cent of the businesses said the revenue lost was between $1 million and $9.99 million.
Serious fiscal haemorrhage
However, at least three entities reported that they lost $50 million or more during the stand-off between the security forces and gunmen loyal to Tivoli Gardens strongman Christopher 'Dudus' Coke, an accused drug baron.
Another three members of the PSOJ said their operations haemorrhaged between $10 million and $49.99 million during the raid, which left 73 civilians and one soldier dead. Thirteen member entities reported that their losses were "undetermined at this time".
More than 70 per cent of businesses noted that they have counted the production hours lost during the three-day gun battle as an "irretrievable loss", while others said they would increase overtime hours as calm returned to the nation's capital. Some proprietors even plan to employ temporary staff to salvage what they can in the aftermath of the mayhem.
The lion's share, 75 per cent of business owners surveyed, think that the unrest will have a "significant" impact on the country's gross domestic product.