BEL loses 10.8 Million in 2008

Posted By: Short

BEL loses 10.8 Million in 2008 - 04/16/09 05:21 AM

B.E.L. claims millions in losses in 2008

Belize Electricity Limited has been in the news consistently and often in a back and forth exchange with the Public Utilities Commission. Late this evening, the utility company announced May fourteenth as the date for its annual general meeting which will present a report to shareholders on the company’s performance for 2008.

In an advance copy of the 2008 annual report, B.E.L. maintains its claim that the company lost millions of dollars and describes last year as the most difficult in recent times for the company. According to the report, B.E.L. lost ten point eight million dollars compared to a profit of twenty nine point nine million in 2007. And according to B.E.L, the reduction of forty point seven million dollars is a result of a charge of thirty six point two million dollars imposed by the P.U.C in its 2008 Final Decision for Annual Tariff Review Proceeding.

To add to the dismal picture, B.E.L. says it could not meet its power supply bills, it is in breach of loan payments and it cannot pay dividends. All this and more will be discussed at the upcoming May A.G.M. The previous A.G.M in 2008 was particularly heated when Stan Marshall, C.E.O. of B.E.L. majority owner, the Canadian company, Fortis, made bold statements in respect of the failure of Belize’s regulatory system. Since then Stann Marshall has said Belize is not a good country to invest in.
Posted By: Katie Valk

Re: BEL loses 10.8 Million in 2008 - 04/16/09 04:20 PM

Stan Marshall/BEL been threatening us for months, all in a bid to lower their taxes and raise their rates. Their methodology of calculating losses is suspect. Fortis got a sweetheart deal with the last administration and still benefits from low power costs from the Mexican deal drawn up when BEL was a public company.
Posted By: Short

Re: BEL loses 10.8 Million in 2008 - 04/16/09 09:54 PM

When you add the results for 2007 and 2008 together, they still have a 19.1 million dollar profit... and I have to agree with Katie feeling suspicious about their calculation methods. The release contains a high (almost theatrical) level of drama IMO.
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