Emera CEO Chris Huskilson
On Friday, Emera showed a profit attributable to shareholders of $241.1 million ($1.97 per share) on revenue of $2.06 billion for all of 2011. That compares to a profit of $190.7 million ($1.65 per share) on revenue of $1.6 billion in fiscal 2010.
The company credits gains earned by Caribbean subsidiary Light & Power Holdings Ltd. for helping achieve impressive profits, but there is no denying Nova Scotia Power is the big earner for Emera. According to figures, the regulated provincial power monopoly contributed more that half the profit earned by the parent in 2011.
We now have the ridiculous situation enduring in harsh economic conditions where the parent company of the Barbados Light and Power (BL&P) has earned record profits of 241 million for 2010. The business theory indoctrinates that private enterprise is established for the primary reason to create value for the shareholder. Who can fault Emera for the enviable position it finds itself. However the following statement in the report that “The company credits gains earned by Caribbean subsidiary Light & Power Holdings Ltd. for helping achieve impressive profits.” should be of of interest to Barbadians. More particular it should be of interest to the beast we refer to as the Fair Trading Commission (FTC).
On the flipside the other utility in Barbados, Cable & Wireless (LIME)which has pillaged the Caribbean market for years is currently locked in a wage dispute with the Barbados Workers Union (BWU). It is interesting to observe how the Barbados private sector has sided with LIME. If BU reads the matter correctly the wage dispute covers the period 2006 to 2009. This is significant because it straddles a period in Barbados often described as ‘times of plenty’’. Why the company would would seek to hide behind the current conditions to justify its offer is opportunistic. Yes BWU’s offer maybe considered as aggressive, yes the BWU still habours some bad memories of LIME sending home employees and relocating services to a call centre in St. Lucia. However LIME is a company which enjoyed significant profits in the 2006 to 2009 period and the workers should benefit from the financial performance.
Any sympathy which LIME would want to benefit from is offset by the reputed large salaries and bonuses paid to senior staff. Here is another company which the FTC allowed to run rampant in our market at the expense of Barbadian consumers. Of interest to Barbadians is the FTC is currently reviewing the Price Cap Plan for 2008, to run from 10 February to 9 March 2011. Barbadian consumers can only hope that the FTC begins to assert its role in the process where Barbadians consumers feel that their interest is being safeguarded by the regulator.
Next Barbadians have been told the Barbados Water Authority is being ‘readied’ to fall under the oversight of the FTC. God help consumers in Barbados when this happens.
By Consumer Affairs I really meant the Fair Trading Commission…do we even have a Consumer’s Affairs group? ‘Cause Fair Trading might sound like they should be Consumer Affairs but the word ‘trading’ is dubious.
@ Rosymarie
a) if those who write on these blogs would post their names to their beliefs, concerns and thoughts instead of wanting to remain anonymous
Look I don’t know about you, but by remaining anonymous allow us to speak our minds…a thing we the little people are glad to given a chance to do so FREELY…unlike you…who don’t give damm whether DLP 0r BLP. You see we the little people fear victimization and getting locked up …..unlike you who don’t need to tell the BIG Buffon that he doing foolishness..and lose we little pick….but ya see YOU…I dun know some of these things duz prick D ole sole seeing these little people …..having such mouth freedom,ignoring my food petition and all discussing all other matters more important to them than my cat food and the likes.. But ya know what Rosie we glad you live hear and can enjoy we sunshine and reflect pun D masses….but on some issues, just hush.
Charity begins at home .A taste of things to come.
EMERA Layoff.
http://thechronicleherald.ca/business/61114-about-40-nsp-staff-laid-across-ns
No Blue boy
That is probably is just a repositioning of capital strategic move.
The $$$ invested in the Caribbean reaping such sweet fruits that the capital that was lying idle paying employees in Nova Scotia probably doing nothing jobs, could be better employ over here to make a MUCH BIGGER killing in the Caribbean.Watch for a move !
Wind turbines or something….
Wolves always come back to their Kill..
And the layoffs came the same day Nova Scotia Power announced a quarterly dividend of 36 cents per share.
Canadian Investors love dividends.
Sargeant we in trouble up here too.
I might have to retire early and guh back to Babadus.
Doom and gloom.
That’s the outlook for Ontario, according to a sweeping review of public services urging higher hydro bills, larger school classes, a streamlined health-care system that could lead to fewer hospitals, more expensive tuition and increased user fees.
Hants boy you welcome home any day…THESE jokers on the way out ..so don’t stress
@ Hants
Failing that you can go Carnival in Trinidad.
LIME in Barbados is becoming a dreaded word. Imagine that the start of the 2012 sugar harvest has been rescheduled because the sugar factories have no LIME ,slack lime. Very slack indeed. And some one said a while ago on another thread that we do not need anyone from outside to helps us in agriculture? And old Bajan saying, “Head ain’t brains”. Rawle Eastmond’s recent statement in parliament was spot on.
LOL @ Colonel
“…Someone said we don’t need anyone from outside to help us in Agriculture…”
…you better check and see who running um yuh…..
Speaking of Lime…just read Barbados Today..looks like a STRIKE is pending as Lime says they are not backing down. Should this be, this place go be in according to ac “Cat piss and Pepper”.Someone better deal with this one “with Dispatch”
Digicel should show Bajans some love. Free cell phones.
@old onion bags…..sad enough…but I hear you…and I done. I have a book to write. And that is all I should be interested in and that is all I am going to be interested in from now on. Blinkers are on and I shall be a true daughter of the soil and just move right along with the flow…..thanks for reminding me what happens to those who want to make a difference because they love their island Barbados. You have silenced me and now perhaps I can wake up in the morning knowing that I am safe. Knowing that I shall not lose my little place in the sun. Bless.
EMERA was sure to place the following statement in its financials for 20111.
http://www.snl.com/irweblinkx/file.aspx?FID=1001163759&IID=4072693
@ Rosie LUV
But ya know what Rosie we glad you live hear and can enjoy we sunshine and reflect pun D masses….but on some issues, just hush.
Retort>>You have silenced me and now perhaps I can wake up in the morning knowing that I am safe.
Your business if yo so soft backed and can’t take a lil good heart ed banter…you think onions did hard on you…chk wid bajanfalife or ac….girl you get a kiss compared wid what D onions duz spew …
@onion bags….you ent know when someone talking tongue in cheek? Onions ’bout hey in quantities at the moment….and cheap!
awrite dennnn
Is there a good explanation why LIME and the BWU have now gotten around to negotiating 2006/2009 collective bargaining agreement?
@ David
I don’t think Caswell wake up yet
One of the better stories which illustrate corporate greed is Apple. Here is a company whose market capitalization is suppose to be greater than Google and Microsoft but pays the Chinese workers who manufacture the iPad peanuts. It is estimated Apple could triple the pay of Chinese workers and still rake in 40 billion profit in a year. Where is our sense of what is right?
The true definition of Capitalism David is to exploit ruthlessly and by any means necessary.Less subliminal also are the banks FCIB Barclays and the like who exploit us for tremendous profits yearly right under our noses in the Caribbean reaping super profit un- occasioned in other domains (LIME). Our Govts seem hand tied as they glad for the taxes and duties on these EXPLOITED FUNDS…say nothing for fear of the repercussions…so Chinese workers are not the only ones….