Wedco reports surplus for 2019 – The Royal Gazette | Bermuda News, Business, Sports, Events, & Community

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Wedco reports surplus for 2019

The Royal Naval Dockyard (File photograph)

A surplus of more almost $1.5 million was recorded by the West End Development Corporation in 2019, the Government has revealed.

The latest figures revealed Wedco had $141.1 million in assets and $72.4 million in liabilities.

The corporation also reported total revenues of $20.6 million and $19.1 million in expenses – a surplus of $1.48 million.

Lieutenant-Colonel David Burch, the public works minister, released the body’s 2019 annual report in the House of Assembly last Friday.

Colonel Burch highlighted capital works projects carried out over the year, including upgrades to King’s Wharf and the replacement of the Boaz Island Village water and sewage systems.

He added that the Phase 1 solar project was also completed in 2019, which had created savings of up to $30,000 per month.

Colonel Burch added that hard work in Dockyard had paid off with the corporation winning the Cruise Critic’s Choice Destination Award for the fourth year in a row.

He said Wedco had reported a continued increase in revenue and growth in the retail sector over the year.

Colonel Burch added that the quango had completed hurricane damage repairs and worked with smaller contractors to spread the economic benefit of restoration projects.

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Published February 22, 2021 at 8:00 am (Updated February 21, 2021 at 6:29 pm)

Wedco reports surplus for 2019

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