BDC sees profits doubling
Friday, September 23, 2016
The corporation’s draft results for the year ended June 2016 indicate a profit before tax of P200 million, almost two-fold from P110 million in the previous year.
According to documents presented to the parliamentary committee on statutory bodies recently, the projection includes P129 million of divestment income as well as ordinary and special dividends from wholly-owned subsidiaries. The results reflect a recovery for the government investment arm, which had experienced huge losses of P176 million in 2012, P222 million in 2013 and P76 million in 2014.
While the political shift brings hope for change, it also places immense pressure on the new administration to deliver on its election promises in the face of serious economic challenges.On another level, newly appointed Finance Minister Ndaba Gaolathe’s grim assessment of the country’s finances adds urgency to the moment. The budget deficit, expected to be P8.7 billion, is now anticipated to be even higher due to underperforming diamond...