NASSAU, BAHAMAS — The Water & Sewerage Corporation’s (WSC) main supplier said yesterday that so far it has received nearly $15 million towards the corporation’s outstanding debt, which was just over $21 million at the end of its second quarter.
David Sasnett, chief financial officer of the BISX-listed, Cayman-headquartered water solutions provider, said during a conference call with investors yesterday that the company’s accounts receivable related to its Bahamas business amounted to $21.3 million at the end of the second quarter, which was up from the $16.8 million at the end of last year.
“We believe that the increase resulted from the adverse impact of the pandemic on the revenue sources for The Bahamas and its government,” said Sasnett.
He noted that despite significant receivables by WSC in the past, those sums were eventually paid in full.
“Also given our contact with the Ministry of Finance, we believe that reducing this balance is a priority for them,” said Sasnett.
He added: “It is important to note that so far in 2021, we have received $14.4 million on our accounts receivables including two payments in the last two weeks totaling $5.7 million. We believe that recent payment history is [a] clear indication that The Bahamas government is working towards reducing the balance of these delinquent accounts receivable.”
Loading ...
