North West Terminal Ltd. (NWT) achieved positive financial results for the company after its first nine months of operations in 2010-11, according to the board of directors
For the period beginning Nov. 1, 2010 and ending July 31, NWT posted net revenues from consolidated operations of $81.4 million and an EBITDA of $7,331,914. This resulted in a net profit of $3,345,651, or $1.02 per share.
The financial performance of the company is ahead of the same period last year when the company posted revenues from operations of $55.3 million, an EBITDA of $5,103,487 and a net profit of $1,568,908, or 34 cents per share. Management reported earnings were up from the previous year primarily because of increased shipping volumes in both its grain and bio-fuel operations and improved margins in its bio-fuel operation.
"The board of directors is pleased to report positive results to shareholders," says NWT's vice-president John Leier.
"The addition of bio-fuels to the company's operations has been a good fit with our core business of grain handling. We have seen an increase in the overall volume of grain we handle. In addition, it has created another marketing option for local farmers. Over the past nine months we have paid out in excess of $8 million dollars to local farmers for feed stock for the bio-fuels plant."
