Out & TERRACE STANDARD Business Review | Skeena Cellulose About Posts strong profit New exec at chamber THE TERRACE and Dis- trict Chamber of Com- merce will swear in Justin Rigsby as its president June 8, It wili also elect a num- ber of other officers to the executive. Also speaking at the June 8 annual general meeting will be West Fra- ser vice-president Wayne Clogg. Business achievement awards will be separated from -the chamber elec- tions this year, said cham- ber manager Babbie Phil- lips added, Nominations will be ac- cepted and the full mem- bership will get ballots mailed out to vole on the awards in the fall. The awards will be pre- Sented at a business awards banquet Oct. 28, at the end of Small Business Week, “It’s going to be like an Academy Awards thing,” Phillips said. “We’re real- ly hoping to make it a gala affair.” Construction perks along THE CITY issued build- ing permits for three more houses in April. Total construction that month was worth $714,000. That brought the year- to-date total to $2.7 mil- lion, somewhat ahead of the $2.3 million in permits issued to the game point in 1999, < “Hee a When we fall short of your expectation, please tell ns. When a newspaper story does ntot seen to reflect Jairly what was said, tet our edilors krioww When we are enable to solve your complain, we encourage you to subnill it te the: B.C. Press Counetl 201 - 1290 Broad St. Victoria B.C. V8W 2A5 Tel (250) 384-3344 Fax(250) 384-3346 The B.C. Press Council was created In 1983 as an Independent review board to protect the public from press fnacctiracy or unfairness and to promote qualily journaltsm. SOARING PULP prices: helped Skeena Cellulose! post a hefty profit of $15.8 million in the fourth quar- ter of its fiscal year which ended March 31. Sales revenue rose by $53.7 million in the three- month period, the compa- ny reported last week: The profit of nearly $16 million is up $24.4 million fram the $8.6 million loss in the same quarter of 1999, “Skeena Celluiose's improved results reflect in- creased pulp production capacity from the startup of the second line in De- cember, 1999 as well as significantly higher pulp prices,” said company pre- sident Bill Steele. Pulp production was 57 per cent higher for the quarter and the price. of pulp averaged US $630 per tonne, way up from $460 a year ago. The pulp price and pro- fit numbers are also good news for the many credi- tors of SCI predecessor Repap B.C. Those suppliers and contractors will get a bonus five cents on the dollar for their unpaid debts if pulp averages at least $625 per tonne all year and if company pro- fils total at least $50 mil- Nearly $16m Bill Steele lion over the year, As long as pulp remains Strong, it’s highly likely the year 2000 will be good enough to trigger those bonus payments. The bonus payments, which can he triggered in successive years, allaw for an even higher 10 cent on the dollar payout if pulp averages more than $725 a tonne. “The measures underta- ken by Skeena Cellulose to improve profitability have started to show posi- tive returns,” Steele said. “Cost reductions effec- ted in 1998 and 1999 and the B-line restart in the 4828 Hwy 16 West Terrace, B.C, 635 2295 / Open 24hrs / Licensed : PROMOTION EXPIRES JUNE 18, 2000. AT PARTICIPATING AESTAURANTS, PRICES MAY VAHY, SEE (INSTORE FOR FULL CONTEST DETAILS : in last quarter Prince Rupert mill, which increased output by 35 per cent, contributed signific- antly to the improved per- formance.” Further cost reductions will come in the second half of 2000 after the re- build af the pulp mill’s number 6 recovery boiler during June and July. The second pulp line is expected to be shut down when repairs start this month, Other improvements to the cooking and bleaching processes are also planned. Another round of work is planned for June 2001, when the pulp mill’s power boiler will be retrofitted, Steele said. “On completion of this phase of the capital pro- gram, the company will have a more reliable and cost-effeclive pulp mill operation.” Skeena Cellulose sales revenue grew from $68 million in the quarter a year ago to just over $121 million in the last quarter. Lumber sale revenue fell eight per cent in the quarier due to lower lum- ber prices. Skeena Cellulose re- mains up for sale. The pro- vince is the majority owner. could get that Beetle in WOU skillet. 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