Bahrain denies livestock company losses
Manama, July 9, 2009
Bahrain’s Finance Ministry denied that Bahrain Livestock Company (BLC) was suffering continuous losses, responding to allegations in the local Press.
'The firm posted a BD592,000 ($1.57 million) net profit as shown in the audited final statement,' assistant under-secretary Ismael Abdulnabi Al Marhoon said.
He added last year's profits represented 25 per cent of BLC overall capital.
The company also received an additional BD800,000 in compensation for the discrepancy in the prices of livestock in world markets and the price of subsidised meat in Bahrain.
'All efforts were made to support the company to supply meat to the local market,' Al Marhoon said.
Five land plots covering 1,313,000 sq mt have been allocated to the company to set enough barns accommodating more than 87,000 cattle and sheep.
'The Bahrain Livestock Company has managed to make use of 60pc of the overall demarcated land,' Al Marhoon.
He also stressed the government's resolve to continue subsidising food staples. He described this commitment as 'basic priority' to ensure sufficient food supplies at affordable prices.
'Government subsidies jumped to BD34 million last year, up from BD1.5 million in 2002,' he said.
More than BD19 million was earmarked last year in subsidies to BLC imports of cattle and sheep. – TradeArabia News Service