Macra has remitted K700 million dividends to government in the ending fiscal year, an amount government says is less than what the institution could have remitted if it had commissioned the controversial Consolidated Information Management System (Cirms) machine. According to the Ministry of Economic Planning and Development 2013 annual economic report, during the year, Macra registered a three percent increase in its operational expenses compared to expenditure of the previous financial year. “A total of K700 million was paid to government as dividends in the year under review.
Macra has consistently posted profits over the past five years. Year under review achieved 14 percent growth in turnover against three percent increase in expenses, excluding exchange losses. “In the year, there was an exchange loss due to the devaluation of the kwacha. Consequently, there was a six-percent decline in surplus on previous year’s. “In spite of this decline, the achieved profit translates to a commendable 34 percent return on equity. During the year under review, the corporation was unable to earn the anticipated revenues following its inability to commission the revenue management equipment,” reads the report in part.
Macra failed to commission the Cirms machine following a court injunction operators obtained to stop the process. Some quarters feared government would abuse the machine by listening in to people’s phone conversations, thereby infringing on their right to privacy. But Macra argued that the machine would help improve the quality of phone services and enable the corporation to have first-hand information regarding operations and revenue of phone network companies.
