Fengyue losses drag BDC deeper into red

Friday, July 18, 2014

The Botswana Development Corporation (BDC) losses jumped 25 percent to P221 million in 2013 largely due to the P450 million investment written off in the now defunct Fungyue glass plant in Palapye.

The BDC last year took a decision to write off the investment and liquidate the project after the joint venture failed to meet its targets, including those of time and budget.

According to the 2013 BDC annual report released this week, the corporation revenue stood at P101 million but huge P300 million bills in administrative and operating expenses dragged the financials into the red of P222 million.

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