A 13 per cent depreciation in the Jamaican dollar against the United States dollar resulted in a $4.38 billion unrealised exchange loss for the Port Authority of Jamaica during financial year 2012/2013.
The maritime regulatory agency said operating profit of $2.16 billion for the year represented an increase of $880 million or 69 per cent over the $1.28 billion earned the previous year.
However, in its financial review, it said that when adjusted for the unrealised exchange loss of $4.38 billion from the revaluation of long-term loans, there was a net loss of $2.23 billion, compared to a net surplus of $686 million recorded during the previous financial year.
Published in The Gleaner
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