A continued energy sector downturn and bad harvest weather accounted for lower earnings at Federated Co-operatives Ltd. last year.
For the fiscal year ending Oct. 31, FCL saw revenues of $8.4 billion from its energy, food, home and building and agro businesses, down from $9.1 billion the previous year.
“We expect to face difficult waters again in 2017, but we’re positioned to weather these conditions,” chief executive officer Scott Banda said in a recent statement.
“Across Western Canada, FCL and local retail co-ops are making long-term investments on behalf of Co-op members and their communities that will help us respond to challenges posed by market conditions and competitors.”
From net earnings of $515 million, FCL will return $364 million in patronage allocations to its member-owners, which are the 200 independent retail co-ops across Western Canada that form the co-operative retailing system.
For more information, visit fcl.crs.