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

Forest fire smoke alert for Central Alberta

Poor air quality and reduced visibility

Ponoka liquor store robbed

One suspect charged so far

Women’s Outreach looking for school supplies for low income Central Albertans

With the back-to-school season upon us, Women’s Outreach is looking to the… Continue reading

Red Deerian spreads kindness with one card at a time

One Red Deerian wants to combat bullying by spreading kindness in the… Continue reading

Men posing as repo men attempt to steal vehicle in Red Deer County

Two men attempted to steal a utility vehicle from a Red Deer… Continue reading

WATCH: Annual Family Picnic at Central Spray and Play

Blue Grass Sod Farms Ltd. held the Annual Family Picnic at the… Continue reading

Turning on Trump doesn’t buy credibility for black Americans

WASHINGTON — For years, Omarosa Manigault Newman stood at Donald Trump’s side,… Continue reading

Senior Chinese monk accused of sexual misconduct quits post

BEIJING — One of China’s most high-profile Buddhist monks has resigned from… Continue reading

Priests molested 1,000 children in Pennsylvania, report says

HARRISBURG, Pa. — A priest raped a 7-year-old girl while he was… Continue reading

Death toll hits 39 in Italy bridge collapse; blame begins

GENOA, Italy — Italian emergency workers pulled two more bodies out of… Continue reading

Constellation Brands spending $5 billion to increase stake in Canopy Growth

SMITH FALLS, Ont. — Constellation Brands has signed a deal to invest… Continue reading

Women-owned businesses generate $68,000 less revenue than men’s: survey

TORONTO — When Dionne Laslo-Baker sought a bank loan to expand her… Continue reading

Hedley frontman Jacob Hoggard’s alleged sex offences case returns to court

TORONTO — The case of Hedley frontman Jacob Hoggard, who faces three… Continue reading

Fredericton woman recounts terrifying moments after gunshots rang out

FREDERICTON — She awoke to the crack of gunfire, the shots fired… Continue reading

Most Read