Saskatchewan

Crown Investments Corp. earnings down $404M

2014 was a relatively lean year for the granddaddy of Saskatchewan Crown corporations. CIC made $163 million but profits were way down from 2013.

Decline attributed to lower profits at SaskTel, SaskEnergy, SGI

Crown Investments Corp. is the holding company for Saskatchewan's other Crown corporations. (CBC)

2014 was a relatively lean year for the granddaddy of Saskatchewan Crown corporations.

Crown Investments Corporation, which oversees SaskPower, SaskEnergy, SaskTel and other Crowns, revealed Tuesday it had net earnings of $163 million last year.

That's a whopping $404-million decline from 2013.

It's also considerably less than the average $411 million per year it's made over the past four years, according to CIC's newly released annual report.
 
CIC blames lower earnings from Crowns like SaskTel and SaskEnergy for its own decline in net income.

Last year, the company paid a dividend of $206 million to the Saskatchewan government's general revenue fund.

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