News Release - September 7, 2000
CIC'S SEMI-ANNUAL FINANCIAL REPORT RELEASED
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
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.
Copies of the 2000 Semi-Annual Financial Report are available from CIC, 400 -
2400 College Avenue, Regina, S4P 1C8. Phone 787-5937. The report is also
available on the Internet at: www.gov.sk.ca/crowninv/semianrep00.htm.
For more information, contact:
Crown Investments Corporation
Phone: (306) 787-9039