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Gerry Reid, Opposition Fisheries Critic and MHA for the District of
Twillingate-Fogo, says despite Fishery Products International’s (FPI)
attempts to convince the people in this province they were losing money in
2004, the company made profits of $4.4 million last year, more than double
its profits in 2003. In media stories today, it is reported that FPI
earned profits of $4.4 million in 2004, up from their 2003 profits of $1.7
million. It is also reported that the company generated record revenues of
800.4 million in 2004, up from $758.9 million in 2003.
"The reported profits of FPI demonstrate that this company is closing
plants and laying off workers for one reason, their greed to further
increase their profits," said Mr. Reid. "The company remains very profitable
and is only looking for excuses to get rid of less profitable plants that
have been the backbone of the company for years.
"Last year, the value-added and marketing division was again the most
profitable part of the company. The processing division has always been
considered the least profitable sector of the fishery and has been
subsidized by the more profitable marketing arm. I have continuously stated
that if FPI is permitted to sell off their value-added and marketing
division, it will mean the end of their fish processing division in this
province. The less profitable processing division will not generate
sufficient profit to satisfy the shareholders of this company.
"I hope this is evidence enough for Premier Williams and Fisheries
Minister Trevor Taylor to refuse the sale of FPI’s value-added and marketing
division. It should also be a wake-up call that demonstrates the company is
still very profitable. FPI was created in the legislature of this province
for the benefit of all Newfoundlanders and Labradorians. I hope government
remembers this fact the next time a plant is closed to increase profits."
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