Regeneration company not expecting revenue until 2024-25
The Manx Development Corporation says its loss of almost £450,000 for the 2022-23 financial year is in line with expectations.
The government-owned entity's accounts have been published ahead of January's sitting of Tynwald.
It recorded a £448,274 loss, with more than half of the figure going towards wages and salaries.
Chairman Sean Gilbert said the loss is to be expected for a company that hasn't completed any developments yet, and that its first revenue is expected in the 2024-25 period.
He adds that it remains the MDC's objective to become profitable and create a dividend stream for its shareholder, the Treasury.
Government set up the body in a bid to regenerate urban and brownfield sites in 2023.
Petition calls for pets to be recognised as beings, not property
Daytime Mountain Course closure as MGP and Classic TT qualifying continues
New social housing reporting system 'more efficient' for tenants
Peel Commissioners encouraging residents to report damaged benches
