Parkland fuel earnings drop

Parkland Fuel Corp. (TSX: PKI) has reported net earnings of $6.9 million for the three months ended June 30, a 66 per cent drop from the $20.3 million earned in the same quarter of 2013.

Parkland Fuel Corp. (TSX: PKI) has reported net earnings of $6.9 million for the three months ended June 30, a 66 per cent drop from the $20.3 million earned in the same quarter of 2013.

The Red Deer-based company, which distributes and markets fuels and lubricants, said the decrease was due primarily to a $4.4 million decline in adjusted gross profit, a $16.8 million increase in operating costs and a $5.6 million increase in depreciation and amortization. These figures were partially offset by an income tax expense decrease of $7.2 million.

“Excluding the impact of refiner’s margins, every division in Parkland delivered year over year EBITDA (earnings before interest, taxes, depreciation and amortization) growth this quarter,” said Bob Espey, president and chief executive officer of Parkland Fuels.

The company had been sharing in refiner’s margins under a contract with Suncor. That agreement came to an end in December 2013.

Parkland Fuel’s adjusted EBITDA for the second quarter was $35.7 million, a decrease of $22.4 million from $58.1 million in the second quarter of 2013.

Its fuel and petroleum products volumes increased by 22 per cent to 1.9 billion litres from 1.6 billion litres in the quarter — due primarily to the acquisitions of SPF Energy Inc. on Jan. 8 and TransMontaigne Marketing Canada Inc. on May 13, 2013. Sales and operating revenue increased by 46 per cent to $1.9 billion, as compared with $1.3 billion, for the same period of 2013. The acquisitions of SPF Energy and TransMontaigne Marketing also contributed to this increase.

Just Posted

Updated: SUV smashes through fences and deck in Anders

Driver taken to hospital after SUV veered off 30th Avenue into Anders

Art on Red Deer billboard a reminder of aboriginal women’s strength

Joane Cardinal-Schubert’s image is part of Resilience Project, shown from coast to coast

Red Deer’s new ‘equity co-ordinator’ will promote tolerance

Andrea Lacoursiere was hired by city with Alberta Human Rights funding

More bridge work this summer in Red Deer’s Coronation Park

The park’s north bridge is being rebuilt to ensure safety

Man badly injured in off-road vehicle collision on Saturday

Incident happened in Mountain View County about 10:50 p.m.

CFIA inspects after video shows pigs crammed into B.C. transport truck

The video shows pigs piled on top of one another in a transport truck on a “sweltering” hot day last week

Cubs’ Kyle Schwarber falls to Bryce Harper in Home Run Derby final

WASHINGTON — Nationals Park was eerily quiet late Monday when Kyle Schwarber… Continue reading

Lava crashes through roof of Hawaii tour boat, injuring 23

HONOLULU — An explosion caused by lava oozing into the ocean sent… Continue reading

Banff holds blessing ceremony with Indigenous elders before letting bison roam

BANFF, Alta. — Several Indigenous elders were flown by helicopter into the… Continue reading

Research expedition looks at unseen depths of Labrador Sea ecosystem

ST. JOHN’S, N.L. — Last summer, a team of scientists returned from… Continue reading

Protesters camped outside Saskatchewan legislature taking province to court

REGINA — Protesters camped outside the Saskatchewan legislature say they are taking… Continue reading

British PM accepts key amendments from hardline Brexiteers

LONDON — British Prime Minister Theresa May on Monday accepted amendments to… Continue reading

‘City of icebergs:’ Study says 100s of Arctic glaciers shrinking, disappearing

The statistics in her recently published paper say it all: hundreds of… Continue reading

U.S. hits back with WTO challenge against Canada’s retaliatory tariffs

OTTAWA — The United States fired back Monday at the Canadian government’s… Continue reading

Most Read


Five-day delivery plus unlimited digital access for $185 for 260 issues (must live in delivery area to qualify) Unlimited Digital Access 99 cents for the first four weeks and then only $15 per month Five-day delivery plus unlimited digital access for $15 a month