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Port Authority records almost $2 billion revenue shortfall

Published:Tuesday | September 15, 2015 | 9:10 AM

The Port Authority of Jamaica is reporting that it recorded a $1.7-billion shortfall in revenue for the 2014/2015 financial year  compared to the previous 2013-2014 period. 

According to its latest annual report tabled recently in Parliament, the government agency and its subsidiaries earned $18.7 billion in total revenue for the financial year ended March 31.

This represents a decline of $1.7 billion or eight per cent when compared to the $20.38 billion in revenue recorded for the 2013-2014 financial period. 

The PAJ says the revenue decline was the result of a $3.69 billion shortfall in gains expected from its investments. 

However, it says the revenue shortfall was substantially offset by increases of  $1.37 billion in earnings from container terminal and facility fees.

It says all other revenue sources increased by about $620 million or 16 per cent.

The Port Authority says its total expenses for last financial year amounted to $13.4 billion, an increase of $32 million over the previous year. 

The main expense items were salaries and wages which cost the agency $4.49 billion and fuel, electricity and other utilities which amounted to $1.42 billion.