Released on 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:
• Earnings from ongoing operations were $200 million, an increase of $71 million;
• CIC's consolidated earnings were down $41 million, mainly due to the fact that first half 2002 earnings included gains on the sale of CIC's remaining Cameco shares;
• CIC Industrial Interests Inc. (now Investment Saskatchewan) lost $3 million compared with a loss of $6 million the previous year, due mainly to lower losses from the Meadow Lake Pulp Limited Partnership;
• Non-Consolidated debt was $15.4 million at June 30th, down $2.4 million from June 30th, 2002; and
• CIC expects to declare a dividend of $200 million to the province's General Revenue Fund in 2003.
"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 almost 10,000 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."
CIC's 2003 Semi-Annual Report is available on the CIC web site at www.cicorp.sk.ca/pubs/semiannreport2003.html.
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For More Information, Contact:
| Ted Boyle Crown Investments Corporation Regina Phone: (306)787-9039 |