UNITY — North West Terminal Ltd. has announced financial results for the first three months of operations in 2015-16, and they are running behind last year’s pace.
For the period Nov. 1, 2015 to Jan 31, 2016, NWT posted revenues from consolidated operations of $33.7 million and an EBITDA of $1,789,366 (unaudited). This resulted in a net profit of $698,765 or 21 cents a share.
That compares to the same period last year when they posted revenues from operations of $38.7 million, an EBITDA of $2,828,088 and a net profit of $1,382,579 or 42 cents a share.
Earnings from the grain division were up due to reduced costs, but lower earnings came from the bio-products division due to the drop in crude oil prices, which reduced fuel-ethanol prices and created negative margins.
“The board of directors is pleased with the company’s performance in the first half of the year,” said NWT’s president Brad Sperle in a statement.
“The company is off to a reasonable start for the fiscal year even with the challenges created by low oil prices.”
In addition to the financial report, the board announced a $0.55 per share dividend to all Class A and B shareholders. Class A shareholders also receive a $0.33 per share preferential dividend. A total of $1,817,703 will be returned to shareholders overall, says the company. NWT currently has 3,277,915 outstanding Class A and B shares combined.
March 15 will be the date of record for holders of Class A and B shares, and dividend cheques will be mailed out at the beginning of April.
“We are very pleased to be paying a dividend to the shareholder again this year,” said Sperle.
“This announcement marks the sixth year in a row that NWT has paid a dividend and reflects the board’s philosophy that we pay shareholders regular dividends.”
