October 3, 2003
Earnings from ongoing operations at Saskatchewan’s Crown corporations and investments were $71 million higher in the first six months of 2003 than in the same period the previous year. That includes earnings at the four major Crowns -- SaskPower, SaskTel, SaskEnergy and SGI -- that were collectively $45 million higher. The figures were released today in Crown Investments Corporation’s (CIC’s) Semi-Annual Report, which covers results to the end of June.
“Higher earnings from ongoing operations were due mainly to higher earnings at SaskPower, SGI and the NewGrade oil upgrader in Regina,” CIC Minister Maynard Sonntag said. “We are pleased to see these publicly owned entities continuing to perform well for the people of Saskatchewan. We are especially proud of the commitment of our Crowns to provide reliable utility services to people across the province at an overall package of rates that is the lowest, and will continue to be the lowest in Canada, for home electricity, home natural gas, basic telephone service and auto insurance.”
Results for the first half of 2003, compared with the first half of 2002, include:
“While the Semi-Annual Report provides a snapshot of the first half of 2003, we are confident our Crown sector will continue to perform well for the remainder of the year and for years to come,” Sonntag said. “Our Crowns play a big role in our economy by employing more than 9,000 people across the province and buying goods and services from more than 12,000 Saskatchewan businesses every year. We expect them to continue to make a significant contribution to the growth of our province.”
For more information, contact:
Crown Investments Corporation
Phone: (306) 787-9039