The Karachi Port Trust (KPT) is expected to earn a record income of Rs 10.4 billion during the current fiscal year as compared to Rs 9.3 billion in 2003-04 from its operational activities, an increase of Rs 1.1 billion. The Karachi Port Trust (KPT) is set to earn an amount of Rs 6.8 billion from its four operational activities as compared to previous income of Rs 5.5 billion in 2003-04, showing Rs 1.3 billion increase. Sources in KPT told Business Recorder on Saturday, the trust has economised expenditure through strict financial discipline and control.
The non-development expenditure for the year 2004-05 would be Rs 4.6 billion as compared to estimated expenditure of Rs 4.9 billion, bringing about a saving of Rs 300 million. The financial year 2004-05 will close at a record net surplus of Rs 5.8 billion.
Similarly, the next financial year's total income has been projected at Rs 10.2 billion and expenditure has been estimated at Rs5.3 billion, showing a surplus of Rs 4.9 billion.
The income from its four operational activities during 2005-06 has been estimated at Rs 5.8 billion viz. Rs 2.6 billion from cargo handling, Rs 0.6 billion from cargo storage, Rs 2.1 billion from ship movement and related services and Rs 0.5 billion from property management.
Similarly, income from its reserved funds and general income would be Rs 4.4 billion. The operational expenditure has been projected at Rs 4.8 billion, same as that of last year.
The KPT has also allocated record amount of Rs 5.868 billion for its Annual Development programme for the financial year 2005-06.
The allocation is 22 percent higher than last year's ADP and is going to be spent on development of major port projects, including the various floating crafts.
The higher allocation of funds will help the port to keep its development pace in line with growing global challenges of automation and faster movement of cargo.
Apart from various port projects, the KPT has also undertaken various projects under the Tameer-e-Karachi Programme and has allocated huge funds for rehabilitation and construction of various roads, underpasses and flyover in the city.
The KPT has allocated funds in the ADP 2005-06 to keep the pace of work going and ensure that these vital city projects do not stop halfway and create problems for the commuters in general and country's imports and exports movement from and out of the port in particular.
In the ADP 2005-06, the KPT has allocated Rs 530 million for the rehabilitation of M. T. Khan and M. A. Jinnah Roads. The work on both the roads is already in progress.
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