Media Releases


CIC'S SEMI-ANNUAL FINANCIAL REPORT RELEASED

September 7, 2000

Saskatchewan's public enterprise sector performed well in the first half of 2000 with a slight drop in earnings offset by lower debt and interest costs.

Details were released today by Crown Investments Corporation (CIC) in its Semi-annual Financial Report. The report covers the financial results of Saskatchewan's commercial Crown corporations and major public investments for the period January 1 to June 30, 2000.

"Debt continues to go down, improving the overall financial position of our public enterprise sector," Crown Investments Corporation Minister John Nilson said. "With stable earnings and lower interest costs continuing in the second half of the year we expect that CIC will be able to provide a dividend of $150 million on 2000 earnings. That will be an increase of $25 million from last year and it will make a substantial contribution to improving highways, health and other important services."

Highlights of the 2000 semi-annual financial report, with all numbers comparing the first half of 2000 with the first half of 1999, include:

  • Consolidated earnings were $165.4 million, down $7.2 million as a result of lower gains on the sale of investments offsetting higher earnings from ongoing operations.
  • Consolidated debt was reduced by $34 million to $3.14 billion.
  • Earnings of the four major commercial Crowns – SaskPower, SaskTel, SaskEnergy, and SGI Canada – increased by $5.8 million.
  • Earnings of CIC's major investments in NewGrade, Saskferco and Meadow Lake Pulp were up $18.5 million.

 

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Ted Boyle
Crown Investments Corporation
Regina
Phone: (306) 787-9039