Weyburn Inland Terminal posted after-tax earnings of a little more than $3 million in the first nine months of the year, down from about $4 million in the same period last year.
In the third quarter, July to September, there was a net loss of $582,000 compared to earnings of $1,285,000 in the same period in 2007.
The company said key factors in the loss were reduced volume of grain available for shipment and expected losses from NorAmera BioEnergy, the ethanol plant that WIT bought in the spring.
This is the first quarter that NorAmera results were included in the WIT financial report.
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“NorAmera has had some operational challenges that we are taking steps to address,” said Rob Davies, WIT chief executive officer, in a news release.
“We look forward to the plant operating at capacity and being a positive contributor to WIT’s earnings in the very near future.”
The Vigro Seed and Supply business showed strong financial performance.
Third quarter earnings before income tax by business were as follows, with last year’s results in brackets:
- Grain handling and marketing – $245,000 ($1,833,000).
- NorAmera BioEnergy Corp. – a loss of $1,552,000 (not part of company in 2007).
- Crop production services -$287,000 ($96,000).
- Other – a loss of $105,000 (zero).
The company also said a $5 million upgrade to the receiving and storage system is nearly complete after being delayed by a shortage of skilled tradespeople and materials.
