Dominica’s sole electricity company, DOMLEC, is reporting $1.6 million in profits for 2019.
That’s according to Financial Controller of the company, Clyde Edwards.
“A challenging year being the year following the hurricane and as a company we were not able to generate a profit in that year; we actually closed off the year with a loss of 2.5 million dollars and we did indicate that we would strive to bring the company back to a level of profitability and for 2019 we were able to achieve that,” he said. “So I think we landed at about 1.6 million-dollars profit.”
Edwards described the fact that DOMLEC was able to move from a major loss in 2017 to a reduced loss in 2018 and to generate a profit in 2019 as “a very good achievement.”
He said the company’s rebuilding process after the ravages of Hurricane Maria in 2017 , started immediately after the hurricane and continued into 2018 “and even in 2019 we still found ourselves trying to get our system back to the level it was prior to the hurricane.”
Edwards the rebuilding and infrastructure were the highlights of the company’s operations.
They should do a promo to subsidize the purchasing of technological items for Dominicans so that the increased use of electricity will broaden their profit scope. Also to educate the people of the detrimental effects of WIFI on the growing mind, and reduce the cost of electricity as when electricity becomes too expensive, we turn off the lights and Telly. Dominican’s would be spending more. Also, Domlec needs to address the option of erecting a natural water mill to create electricity instead of fuels. Allot less costly to the customers, company and environment.
All that revenue could be going back to the public if DOMLEC was a public utility and not a foreign own private for-profit entity that it is!!!
I waiting to hear Dominicans reprimand Domlec on Profits.
Hear this..put that $1.6m over the value of Domlec’s Capital Outlay and see how insignificant that profit is. That’s outside of counting their operational cost including staff for which they provide salaries that support many families and spend at many businesses on Island.
Economics is a wonderful thing and, I say to any Dominican feeling the squeeze today, don’t Blame Domlec..Our Geothermal should be up and running years ago so that our electric bills would have been more amicable..
Its funny when people play smart here. The profit here is not GP but NP. All the expenses and provisions have been deducted.
I just hope shareholders will receive something. Small as it may. Since storm Erika, things change.
Every article under related article is “Domlec makes x millions in profit” ebeh. Maybe we can get a little coolout?