Daraine Luton, Senior Staff Reporter
Port Authority Management Services Limited (PAMS), the entity which manages the Half-Way Tree Transport Centre, says it will, in the near future, turn its attention to creating a food court on the top floor of the facility.
In its 2013 annual report tabled in the House of Representatives on Tuesday, the Victor Green-led entity noted that when the centre began operation in 2008, the area was offered to the public through the tender process, but this was not successful.
"Tenderers were required to erect their own shops. This would have meant a large investment for a single entity. Since then, the area has been used to host events, for which a user fee is charged," the annual report stated.
PAMS further said it intends to revisit the original use for which the area was earmarked.
"In so doing, funding would have to be obtained to design and build shops for lease to operators of small food outlets."
The report added: "Alternatively, the other avenue that will be pursued is to offer a ground lease of small areas to interested parties who would build out their shop. This would require much less investment."
The major revenue source for PAMS is management fees from the Ministry of Transport, Works and Housing. This income is supplemented by lease and advertising revenue. PAMS currently leases commercial spaces at the centre.
LARGEST SPACES UNRENTED
As at March 31, it had leased 19 commercial spaces, leaving two spaces unoccupied. It stated that the two unrented spaces represent the largest commercial spaces in the centre.
PAMS made a net loss of $14.6 million for the fiscal year ending March 31, 2013, which was an improvement of 31 per cent relative to the last financial year.
The company's accounts indicate that its liabilities exceed total assets by $105 million.
Total income from operations for 2012-2013 was $55.48 million, while expenses for the period was $70.10 million.
"The continuation of the company … is dependent on the parent company, the Port Authority of Jamaica, and on future sustainable profitable operations," the report said.