The Guyana National Shipp-ing Corporation Ltd. (GNSC) has reported a successful 2010, during which it raked in more after-tax profit than the year before and increased its cargo handling significantly in a year that has saw the commencement of a new container feeder vessel service.
This is according to the acting Managing Director of the GNSC Andrew Astwood, in the report for 2010, which was recently tabled in the National Assembly.
Total revenue for the year was $622 million against a budget of $638.8 million. Profit before taxes for the year was $84.8 million, which he said was 25 percent more than was budgeted for the year and a 33 percent improvement over the profit of the previous year’s profit. Profit after tax was $45.7 million compared with $36.8 million in 2009.
He reported that expenditure for the year was six percent below the budget – $537.2 million actual against a budget of $571 million.
The approved capital expenditure for the year was $79.6 million, of which $31.8 million was spent.
These funds were spent on the purchase of furniture, office and computer equipment, balance of payment on acquisition of eight trailers, part payment on a truck scale, rehabilitation of the La Penitence Wharf and the instalment of the GPC complex.
Astwood reported that other planned projects for the year were delayed and a proposal to make a part payment towards a used coastal vessel was not approved.
“The year 2010 can be considered an exceptional one for the corporation. The global economy was starting to recover from the financial crisis which started in 2007-2008 and business started to increase in most areas as the economies began their slow growth once again. The shipping industry was no different,” Astwood said.
He said for that year, the company was able to secure a major shipping deal with CSAV, a container line, with feeder vessel calls to Georgetown.
“With the focus on marketing and up keeping the growth in containerised cargo handling (imports and exports), the corporation was able to achieve more than 74 percent increase in this area of business over the previous year,” he said.
Astwood said that by renting a section of the complex to the Guyana Revenue Authority for the installation of the container scanner, the corporation sought to maximise the space utilisation of the complex as well as maximise revenue earning capacity
Speaking in the 2010 annual report, Chairman of GNSC Rajaindra Singh said that against a backdrop of a growing economy and shipping sector, the company was able to record a performance that was above budget for the year.
He said that the Board of Directors continue to place an active role in ensuring that sound development plans for sharpening the role of the corporation and improving market share in the industry were constantly pursued.
He said that corporate objectives for the year which focused on growing market share and expanding operations were partially satisfied as the corporation strived to tap into new areas of business.
