Senator Norman Grant, JAS president. - File

The Jamaica Agricultural Society (JAS) has wiped out its accumulated deficit and strengthened its capital base from a $60 million surplus recorded by the farmers group at its financial year end March 2008.

But its profits in the period were built on the back of a $97 million subvention from government, and a one-off gain of $28 million from property sold to the Government.

Other income included affiliation fees of $1.3 million, property rental of $1.6 million and membership fees of $153,000.

Total revenue for the period topped $142 million.

Year-end surplus

It's the second straight year of profit for the association which at year end March 2006 reported a $6 million surplus.

Its balance sheet, however, remained weighted down by a $33 million deficit, now erased.

The association now boasts equity of $309 million, including a $21.5 million surplus.

JAS president Norman Grant (Senator-PNP) said the association's improved financial performance also facilitated the pay down of about half its debts, which was cut from $100 million to $56 million.

Good deal

The association's cash flows were further boosted in March when the $45 million sale of a near quarter-acre parcel of land at North Parade to the government for the construction of a monument in honour of the Venezuelan liberator, Simon Bolivar, was finalised.

"That in itself will enhance the development of our own property, so we think we have struck a good deal with government," said Grant.

The funds will finance improvements to the JAS headquarters in Kingston, in addition to the other facelifts underway on other properties across the island.

"We have reinvested funds in the development of the Compton House property in Manchester, some $12 million," said the JAS president.

"And when we finish, that complex is going to be revalued in the region of $60 million and $70 million, so that in itself is going to increase our asset base yet again by year ending 2009."

john.myers@gleanerjm.com