Udecott announces $10m profit

In published unaudited consolidated half-year results as on June 30, 2006, Udecott chairman Calder Hart stated, “The main catalyst for this increase was the transition of a number of major development projects from conceptual to construction phase.”

In declaring that Udecott’s six-month after-tax profit increased from $1.8 million in June 2005 to $10.89 million as on June 2006, the corporation noted that four projects are due to break ground in the next few months — The National Academies for the National Arts in North and South Trinidad; the Ministry of Health building in Port —of-Spain; the National Carnival Centre; and the Social Development Tower.

Udecott stated that its operating income unaudited half-year ended on June 30, 2006, stood at $21.7 million. It declared a profit before taxation of $14.048 million as of June 30, 2006, compared to $1.867 million for the same period in June 2005.

The corporation stated that “net cash generated by financing activities” as of June 2006 was $744.243 million.

Udecott had secured a US$136 million (TT$855,440,000) loan from First Caribbean Banking and Financial Corporation Ltd. The loan was part of the financing for the Port-of-Spain waterfront Centre.