Udecott records $36M profit

In a statement of Udecott’s financial results for 2005, company chairman Calder Hart said the results were by far “the best” since Udecott was established in 1994. He also indicated that Udecott’s 2005 financial results far surpassed its financial results for 2004.

“Financial year 2005 was by far our best since our establishment in 1994, with the company’s asset base growing by over $1.5 billion or almost 200 percent in one year,” Hart said. He said Udecott continues to make “a tangible impact” on the national landscape through its evident progress in the Port-of-Spain Waterfront Complex and the Richmond Street Government Plaza.

Hart added that both of these projects resulted in an increase in Udecott’s work programme from $600 million in 2004 to over $1.8 billion in 2005.

The Udecott chairman said the company was pleased to have completed the new Breakfast Shed on time and will open 680 of the 1,600 car park spaces at the Richmond Street Plaza shortly. Hart added that the entire plaza will be completed by the end of July. He said Udecott’s financing initiative continues with the securing of a US$136 million facility from First Caribbean International Bank, and this contributed positively “to the availability of US currency on the market.” Hart also said a significant portion of $1.3 billion in short-term funding has been converted to a long-term financing facility with Fincor to finance the Richmond Street Plaza.

Noting that work continues apace with the Chancery Lane Administrative Complex in San Fernando and similar initiatives in Tobago, Hart said Udecott expects 2006 to be a productive year for the company.

He added that Udecott expects delivery of the Brian Lara Stadium in Tarouba in time for the 2007 Cricket World Cup and the new National Carnival and Entertainment Centre at the Queen’s Park Savannah in time for the Parade of the Bands in 2008. In addition to these projects, the renovation of the Red House and Whitehall are two other priority projects in Udecott’s portfolio. Last week, Newsday exclusively reported that the Office of the Prime Minister could be temporarily relocated in July from Whitehall to a new building at the corner of Alexandra Street and St Clair Avenue in St Clair that was originally designated for the Ministry of Public Administration and Information.