There has been a reduction in the massive debt owed by the Jamaica Railway Corporation (JRC).
According to its 2013 annual report tabled recently in the House of Representative, the state-owned entity's indebtedness at the end of the year was $655.7 million. This represented a reduction of $105 million.
A portion of the debt was paid from funds invested at the Development Bank of Jamaica.
The JRC also reduced its losses. It came out at $33 million, down from nearly $80 million at the end of the previous financial year.
Net profit reported, after Government assistance as well as waiver and elimination of past liabilities, was $56.5 million.
Privatisation
Meanwhile, the management of the JRC is continuing with plans for the privatisation of the rail operations.
With that accomplished, it says the primary area of focus for the Corporation would then be the performance of its duties under the track user agreement.
It says attention would also be placed on real estate administration, maximising revenue earning potential of its properties and improving its rent collections machinery.
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