North West Terminal Ltd. of Unity is reporting positive financial results from 2012-13 operations.
For the period beginning Nov. 1, 2012 and ending Oct. 31/ 2013, NWT posted a net profit of $4,762,492 or $1.45 per share.
That performance is behind the same period last year when operations produced a net profit of $5,329,571 or $1.63 per share. In a press release, management reported earnings were down from the previous year primarily because of reduced shipping and tighter margins in both the grain and bio-products division. The overall reduction in profits was offset by dividends from investments and revenue from a leasing arrangement for trans-loading crude oil, the release explains.
"The board of directors is very pleased with the company's financial performance," says NWT president John Leier.
"It should be noted that these results are for the past fiscal year. We are finding the current year somewhat more challenging with all the shipping delays that are being experienced.
Leier adds that NWT continues to work to add value and improve service for farmers.
"That is one of the major advantages of being a locally owned company and this is our primary focus."
