Introduction
At long last, the Berbice Bridge Company Inc. (BBCI) has decided to file annual returns and financial statements with the Registrar of Companies. The law requires that such returns and accounts be filed no later than around mid-August of each year for companies with a December 31 year-end. Why BBCI chose to file some years and not others is for speculation but one thing is certain: the return and the financial statements for 2010 make for very interesting reading or indeed for some serious concerns.
On the face of it the company did very well in 2010. Its revenue for 2010 is $1,115 million, up 17% over 2009, the company’s first full year of operations. Total non-interest expenditure was $287 million, up 16 % over the previous year. Included in non-interest expenditure is a depreciation charge of $140 million, a small increase over the preceding year. And that is where the questions begin to arise. But before that important digression, let us continue the brief income statement analysis. Interest expense has risen from $694 million to $715 million, thus accounting for
