The minister of Finance and Economic Affairs last Friday highligted  the financial performance of  parastatals during the presentation of the country’s 2012 budget  before  Deputies at the National Assembly in Banjul.

Gamtel
Mambury Njie said Gamtel’s 2011 expenditure is forecasted to be D1.2 billion whilst the 2010 expenditure was D1.1 billion. He said the increase in the expenditure forecast is to cater for rising trend in global fuel and telecommunications-related prices. “The forecast after tax profit for 2010 is therefore D19.7 million,” he explained.

SSHFC
According to the Finance minister, the timely diagnosis of the global financial crisis at an early stage by the SSHFC enabled its management to respond quickly, which led to a strategic direction to ensure effective management of the Corporation’s resources. He said that the consolidated gross income less contribution recorded for the year ended 31st December, 2010 increased by 15% from D425.8 million in 2009 to D489.8 million, while the recurrent expenditure also increased by 48% from D169.2 million in 2009 to D251 million.

Minister Njie also disclosed that the Corporation recorded a consolidated net surplus of 59.3 million, which compares unfavourably with D90.3 million recorded in 2009. “Total Net Assets grew by 13% from D3.9 billion in 2009 to D4.4 billion in December 2010 and Members’ Fund grew by 13% to D3.6 billion during the year under review,” he added.

GPPC
Minister Njie also announced that during the fiscal year, GPPC registered some improvement in its overall performance. He said: “In order to cope with the demand of central government as well as diversify into more private sector printing, the Corporation strived to improve on both its human resources capacity by training its staff in various areas of need as well as upgrading and improving its equipment for enhanced operation and quality service delivery.”  The Corporation’s unaudited financial statements as at end December, 2010, according to him showed a total revenue of D24.49 million  and total expenditure of D19 million with a retained profit of D2.90 million.

Gampost
The Finance minister stated that Gampost has an estimated budget income of D28 million and expenses projected at D24.2 million in the fiscal year 2011 translating into a profit of D3.8 million compared to the previous financial year, representing 21% increase in income and 5% decrease in budget expenditure.  “The budget income estimate for financial year 2012 is D23, 891, 719 representing 18% decline on 2011 budget income. The corresponding expenditure budget is estimated at D23, 133, 701 (lower than 2011 by 5%),” he added.

Nawec
With respect to the finance of Nawec, he said turnover for 2011 is projected to increase to D1.573 billion from D1.406 billion in 2010. “However, the operating costs are also projected to increase from D1.386 billion in 2010 to D1.474 billion by the end of the year 2011,” he added.

GPA
According to the minister, despite GPA’s financial performance continues to surge in a positive direction, the turnover decreased from D500 million in 2009 to D427 million in 2010 representing a decline of 14.6%. He said the operating profit also decreased from D111 million in 2009 to D47 million in 2010 representing a decline of 58%. “Net profit after tax decreased from D36.6 million in 2009 to D26.4 million in 2010 representing a 28% decline,” he noted.

AMRC
According to him, the AMRC recorded a deficit of D1.77 million for the year 2010 compared to surplus of D3.07 million in the previous year. “The equity and reserve portfolio stood at D46 million compared to D47.67 million in the previous year,” said Minister Njie.   

GCAA
Here, Minister Njie said the overall turnover as per the audited accounts for the period 31st December 2010 amounted to D158 million compared to D144 million in 2009. According to him, this is an increase of D34.6 million on turnover, which represents 10% over the 2009 figures.

“The authority made a loss of D35.8 million in the financial year 2010 compared to a gain of D0.586 million in 2009,” he explained. The Finance minister said the loss was due to high exchange rate of the loan for the construction of the new terminal building and the depreciation charge from the asset transferred from the Banjul International Airport project.