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Belledune Port Authority Releases Financial Results

Harry H. Williamson, Chairman of the Board of Directors of the Belledune Port Authority (BPA), March 2006 to April 2008, released the 2007 Financial Results and Annual Report today at the BPA’s eighth Annual General Public Meeting at the Belledune Recreation and Cultural Centre.

“2007 was another successful year for the Port of Belledune. Each of the past three years has been record setting financially and this year’s net profit rose by 60% due to increased traffic at the port and the extended lease of the Tank Farm as announced at the 2007 Annual Meeting.

The major accomplishment of 2007 was the development of two new business opportunities at the port and the construction of two new bulk handling facilities The Shaw Group Inc. has set up a wood pellet facility in Belledune and is shipping wood pellets to Europe. With the reopening of Blue Note Caribou Mines concentrate will be shipped through the port. Both new clients will be storing their products at the site. These customers will provide two new revenue streams for the port in 2008 and beyond.”

The BPA President & CEO, Rayburn Doucett stated that: “The Belledune Port Authority has continued to pursue new business opportunities and these projects; these projects resulted in the construction of two warehouses. The Province of New Brunswick contributed $2.4 million to this construction project proving their dedication to supporting the port of Belledune and development in the region.

In 2007 the port also unveiled a 5 year business plan. The plan ensures continued growth, increased traffic and a diversified cargo mix.”

Our net income reached an all-time high of $1,931,082 compared to $1,203,488 for 2006.  This increase in net income reflects the efforts of the Board of Directors, management and staff to control costs.

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