POLITICS

NB Power posts profit for 2014-15 year, continues paying down debt

07/02/2015 01:29 EDT | Updated 07/02/2016 05:59 EDT
FREDERICTON - New Brunswick's public utility earned $73 million in the 2014-15 fiscal year, the fifth straight year that it has reported a profit.

Its total revenue for the year that ended March 31 was about $1.8 billion.

NB Power also says it paid down $103 million from its net debt as it tries to reach a goal set in 2011 of cutting $1 billion from its debt by 2021.

The Crown corporation's total net debt stood at just over $4.9 billion at the end of the fiscal year, down from about $5 billion in 2013-14.

Ed Barrett, chairman of the board of directors, says the utility is leaner as the number of full-time positions has dropped by more than 200.

NB Power president Gaetan Thomas says the utility was able to achieve its financial results despite dealing with one of the worst storms in the province's history last winter.