ST JOHN'S, Antigua (WICB) -- The 2002/2003 financial year marked a return to profitability for the West Indies Cricket Board Inc. (WICB) after successive losses in the last three years totalling US$16 million. The WICB returned a profit of US$1.256 million for the financial year ended September 2003.
The 2002/2003 profit was based on revenues of US$22.34 million, an increase of 37 per cent over the previous year, across a range of activities including US$7.5 million received from the ICC in respect of the 2003 Cricket World Cup in South Africa.
Total expenditure in 2002/2003 was US$ $21,085,811 compared with US$21,069,625 in 2001/2002. Indirect expenses were US$0.9 million (22 per cent) higher than the prior year principally as a result of an increase in marketing expenses due to increases in ground rentals as well as increased television airtime to accommodate new levels of sponsorship.
During 20023/2003, increased expenditure was also incurred on the purchase of surveillance equipment and the provision of increased security for match officials as well as players for the home international series. Increased resources were also allocated to cricket development and technology as well as to supporting the West Indies Women Cricket Federation (WIWCF) as it pursued qualification for the International Women's Cricket Council World Cup to be held in South Africa in 2005.
During the financial year in review, the WICB incurred new expenditure of US$1 million in relation to its newly formed subsidiary company, ICC Cricket World Cup West Indies 2007 Inc, which was established to manage the preparations for the Cricket World Cup to be held in the West Indies in 2007.
20023/2003, increased expenditure was also incurred on the purchase of surveillance equipment and the provision of increased security for match officials as well as players for the home international series. Increased resources were also allocated to cricket development and technology as well as to supporting the West Indies Women Cricket Federation (WIWCF) as it pursued qualification for the International Women's Cricket Council World Cup to be held in South Africa in 2005.
During the financial year in review, the WICB incurred new expenditure of US$1 million in relation to its newly formed subsidiary company, ICC Cricket World Cup West Indies 2007 Inc, which was established to manage the preparations for the Cricket World