Take Stock – May 28

ATB Financial said Wednesday that performance pay for its senior executives will be cut after it reported a profit of $6.4 million for its most recent financial year, weighed down by a $224.8-million charge related to asset-backed commercial paper.

ATB Financial reports annual profit of $6.4 million

ATB Financial said Wednesday that performance pay for its senior executives will be cut after it reported a profit of $6.4 million for its most recent financial year, weighed down by a $224.8-million charge related to asset-backed commercial paper. The Alberta financial institution said the profit for the 12 months ended March 31 compared with a profit of $30 million the previous year, or $283.1 million before a charge for ABCP that year.

Operating revenue, excluding ABCP, was $907.0 million, up 7.3 per cent from last year.

ATB President and CEO Dave Mowat said senior executives’ performance pay will be adjusted as a result of ATB’s decrease in net income. The bank said because of its net income forecast for 2009-10, performance pay will be reduced by at least 25 per cent for associates and at least 50 per cent for senior executives.

Operating profits down in first quarter: Statscan

Lower revenues are being blamed as Canadian corporations report operating profits of $55.1 billion in the first quarter of 2009, down 11.8 per cent from the previous quarter. Statistics Canada reports declines were prevalent across the economy as 18 of 22 industries reported lower profits. Profits in the non-financial industries fell 12.6 per cent to $41 billion, while profits in the financial industries contracted 9.3 per cent to $14.1 billion. The agency says lower profits were mainly attributable to oil-and-gas extractors and manufacturers. Oil-and-gas extractors earned $4.3 billion in operating profits, down 33.5 per cent from the fourth quarter of 2008. Petroleum and coal products manufacturers’ profits also decreased, down 24.4 per cent to $1.8 billion. Manufacturers earned $8 billion in operating profits in the first quarter, down 15.1 per cent from the previous quarter. The bulk of the decrease came in the petroleum and coal industry.

Just Posted

Walmart melding online and in-store shopping

South Red Deer Walmart recently underwent six months of renovations

Updated: Nature trail unveiled at RDC

Trail unveiling and tree planting honours Nova Chemicals $2 million donation

Rural municipalities seek more funding to address cannabis legalization

Not enough supports in Municipal Cannabis Transition Program

Culprits smash truck into store in failed attempt to steal ATM

Suspects reversed truck through doors of Eastview IGA early Sunday morning

Video: Windows smashed at three Red Deer businesses

Red Deer RCMP arrest man after vandalism spree

Automated cars could kill wide range of jobs, federal documents say

OTTAWA — More than one million jobs could be lost to the… Continue reading

McGill research finds significant driving impairment 5 hours after cannabis use

MONTREAL — Driving under the influence of cannabis remains dangerous even five… Continue reading

Family: Remembering the important things

It seems so much of life is work and routine and then… Continue reading

Canada gets into Women’s World Cup with 7-0 win over Panama

FRISCO, Texas — Christine Sinclair isn’t concerned about chasing records. She’s set… Continue reading

Baldwin urges ‘overthrow’ of Trump government via voting

MANCHESTER, N.H. — Actor Alec Baldwin followed up his latest parody portrayal… Continue reading

Prince Harry and Meghan expecting their 1st child in spring

CANBERRA, Australia — Prince Harry and his wife, the Duchess of Sussex,… Continue reading

Sears files for Chapter 11 amid plunging sales, massive debt

NEW YORK — Sears filed for Chapter 11 bankruptcy protection Monday, buckling… Continue reading

Doctors to debate medical pot as more patients expected to ask for prescriptions

VANCOUVER — Doctors with opposing views on whether medical marijuana should be… Continue reading

Most Read