Released on April 14, 2004
Although 2003 was a difficult year for operations at the Saskatchewan Transportation Company, the amount of operating funding it received from the Crown Investments Corporation was smaller than last year, according to the company's Annual Report released today.Despite an operating loss of $2.85 million for the year, an increase of about $500,000 over 2002, the operating grant STC received from the government's holding company was only $1.6 million. This was $800,000 less than it received the previous year. The company had $600,000 in approved grants from previous years that was applied against its operating losses for 2003.
STC only receives an operating grant for its passenger operations. Its freight operations, which compete in an open marketplace, must not only earn enough to pay for their own expenses, but must also cover other corporate costs. Any profits left over from freight operations are used to help subsidize passenger operations.
"For the operating grant to STC, the province got a safe and reliable bus service which carried about 260,000 passengers through a network of 275 communities over the course of the year," Minister Responsible for STC Maynard Sonntag said. "I believe that's good value for money spent."
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For More Information, Contact:
| John Millar Saskatchewan Transportation Company Regina Phone: (306) 787-6807 |