Crown corporation lays out business highlights ahead of June 5 AGM
© Submitted photo
An aerial view of the Bull Arm site.
[ST. JOHN'S, NL] – Nalcor Energy has reported a more than $125 million profit in 2011, according to its annual Business and Financial Report.
The report for the Crown corporation was tabled Wednesday in the House of Assembly by Minister of Natural Resources Jerome Kennedy.
The bottom line is a $49.2 million increase over the previous year, according to the document.
In a statement issued Thursday, Nalcor notes it has reduced its debt to capital ratio from 42.5 per cent to 38.5 per cent, year over year.
The Crown corporation also listed highlights from the last year of its operations.
The last year included ratification of the New Dawn Agreement, a commitment for a federal loan guarantee for the Lower Churchill project and an agreement with ExxonMobil Canada Properties for use of the Bull Arm fabrication site for Hebron project work.
Nalcor's oil and gas arm celebrated first oil from the White Rose extensions (of which Nalcor has a five per cent stake) and Hibernia Southern Extension (where Nalcor has a 10 per cent working interest).
The Crown corporation underlined "significant capital work" in 2011 at the existing Churchill Falls hydro power station and completed enhancements to its apprenticeship program for all trades.
Charitable donations and volunteer time on the part of both the Crown corporation and its staff are noted.
The 2011 financial report is available online at www.nalcorenergy.com.
The release of the report comes ahead of Nalcor Energy's annual general meeting, being held Tuesday, June 5 from 9-11 a.m. at the Holiday Inn in St. John's. The meeting is scheduled to be webcast.