Belledune Port Authority Releases Financial Results
Claude Doucet, Chairman of the Board of Directors of the Belledune Port Authority (BPA), released the 2008 Financial Results and Annual Report today at the BPA’s ninth Annual General Public Meeting at the Belledune Recreation and Cultural Centre.
“The Port of Belledune has continued to cultivate and effectively manage its resources as a catalyst for local development. I am happy to report that this year marks the fourth consecutive year of record profits in which revenue rose 10% and net income rose an impressive 27%. The Port’s vitals all remain robust including a 30% increase in tonnage handled and a 33% increase in vessels calling on the Port.
In 2008 we had the privilege of celebrating the tenth anniversary of the M.D. Young Terminal. In cooperation with our partners at The Shaw Group Inc. and Envirem Technologies Inc. the first shipments of wood pellets and aggregates were exported over the M.D. Young Terminal in the summer of 2008. Wood pellets are stored in one of the warehouses which began construction in 2007 and were completed in the early spring of 2008 while the aggregate is stockpiled directly before it is shipped. These customers will provide two noteworthy revenue streams for the port in 2009 and beyond.”
The BPA President & CEO, Rayburn Doucett stated that: “Through 2008, our efforts centered on retaining and expanding current business and seeking out new clients. We have made additions of over $5 million dollars to the Port’s infrastructure to meet current demands. Two warehouses were built, the pipeline was extended and plans were developed for continuation of construction and other improvement in 2009.”
Our net income reached an all-time high of $2,454,761 compared to $1,931,082 for 2007. This increase in net income reflects the efforts of the Board of Directors, management and staff to control costs.
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President & CEO
Belledune Port Authority