JPS collects J$81b, makes J$3b profit
Published:Wednesday | February 23, 2011 | 12:00 AM
Jamaica Public Service Company (JPS) has reported net profit of US$40 million (J$3.43b) for 2010, a decline of five per cent despite a 19 per cent gain in electricity revenue.
Sales amounted to US$942.6 million (J$80.9b), well above the previous year's US$793.6 million (J$71b).
JPS's bottom line was impacted by higher fuel costs which rose from US$539 million to US$650 million last year, and a higher maintenance bill of US$86 million compared to US$69 million in 2009.
The company said the uptick in administrative and selling expenses, from US$59 million to US$68 million was due to increase in staff costs after a hard-fought battle with the unions over wages.
The owners of the company also got a bigger payday with dividends amounting to US$29.557 million, an increase of about US$4 million.
The Jamaican Government, which owns 19.9 per cent of the power company, would be eligible for some US$5.9 million of the distribution.
JPS at the end of the period was worth US$788 million by assets. The company wrote off US$46 million in depreciation charges, which was more than offset by US$60 million of investment in plant and equipment purchases.