The Dominica electricity company (DOMLEC) has posted a profit of $1.6 million for the year ended 2019 following recovery from the losses occasioned by Hurricane Maria in 2017. Financial controller Clyde Edwards said the company struggled to get back on its feet following the damage to infrastructure and other power investments, and that the company is still in the process of recovery.
Edwards said DOMLEC failed to post any profits in 2017 because of the devastation of the hurricane, but rather suffered a loss of $2.5 million at the end of the financial year in 2018. He said the management tasked itself with reviving the power company and bring it back to a level of profitability, an effort that paid off in 2019.
“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.”
The financial controller further noted that DOMLEC is on the path to getting back to the performance level it was before the hurricane occurred, adding that the company is focused on rebuilding and infrastructure to upgrade performance to the people. He called the $1.6 million profit “a very good achievement”.
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