It wasn’t a good first six months of 2016 for Unity-based North West Terminal, Ltd., but officials there say they are hopeful of a turnaround.
For the period Nov. 1 2015 to April 30, 2016, North West Terminal posted a net loss of $1,146,906 or 35 cents a share.
The company posted revenues from consolidated operations of $75.1 million and a EBITDA of ($716,107) (unaudited).
The company is behind the performance for the same period last year when revenues were $82.7 million and the EDITDA was $4,280,999, for a net profit of $1,982,281 or 60 cents a share.
Management is reporting that earnings from the grain and bio-products divisions were down from the previous year as a result of lower volumes and margins. Margins are reduced for the grain segment of the business due to increased competition. Margins are negative for the bio-products segment of the business as a result of the recent drop in crude oil prices.
“The board of directors is disappointed but encouraged by the company’s performance in the first half of the year,” said NWT president Brad Sperle.
“To date, we have weathered the storm created by low crude oil prices. Now we are cautiously optimistic that the company is through the worst and that the second half of the fiscal year will see a return to positive earnings.”
