UNITY — The board of directors of North West Terminal Ltd. has announced positive financial results for the company following operations in 2014-15.
According to a press release, for the period beginning Nov. 1, 2014 and ending Oct. 31, 2015, NWT posted revenues from consolidated operations of $155.1 million and an EBITDA of $11,613,266. This resulted in a net profit of $6,603,921, or $2.01 per share.
The financial performance of the company is slightly behind the same period last year when the company posted revenues from operations of $143.2 million, an EBITDA of $11,713,771 and a net profit of $6,722,058, or $2.05 per share.
Management reported that results were mixed for the company’s business segments. Earnings from the grain division were up from the previous year as a result of record shipping volumes. However, this was partially offset by lower earnings from the bio-products division, as the recent drop in crude oil prices led to reduced fuel-ethanol prices creating negative margins.
“The board of directors is pleased with the company’s performance over the fiscal year,” says NWT’s president Brad Sperle.
“Expanding the company’s rail infrastructure to include access to both major railways from our Unity location helped to set a grain-handling record for 2015 of 515,000 tonnes or 20.6 million bushels. The biggest challenge facing the company in the year ahead is the low price for crude oil, which is creating low prices for fuel ethanol. To help offset this, the company is expanding sales to higher value markets.”
