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Press Room
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SGF records net income of $70 million
Montréal, April 10, 2006 - Société générale de financement du Québec (SGF) today announced it posted a positive return of 3.9% for the fiscal year ended December 31, 2005, and net income of $70 million for the same period.
“We are very proud to have set SGF back on the road to profitability,” declared Pierre Shedleur, Chairman of the Board, President and General Manager, SGF. “Our people have worked very hard to achieve these results. It is a great accomplishment in that, for the first time in five years, SGF has recorded a profit. With our restructuring phase complete at last, we are now in investment mode.”
In recording net income, SGF has successfully attained the financial autonomy required to ensure the ongoing pursuit of its mission. SGF has received no government funding since 2003 and its objective is self-financing. In this regard, the company’s directors can today declare “Mission accomplished.”
In addition to completing its financial recovery, this past year SGF restructured its operating methods, creating an investment committee mandated to thoroughly study every project so as to ensure sustained profitability for SGF in the years to come.
Fiscal year 2005 also saw SGF map out a development plan, which received the government’s approval last December, adapted to the new international economic context.
“Now that our restructuring is complete and we have equipped ourselves with the necessary tools to accomplish our mission, we are fully confident in our ability to achieve our investment objective for 2006,” Mr. Shedleur concluded.
Société générale de financement du Québec (SGF) is an industrial and financial holding company. Its mission is to carry out economic development projects, especially in the industrial sector, in cooperation with partners and in accordance with accepted requirements for profitability and the Government of Quebec’s economic development policy.
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Source : Marie-Claude Lemieux
Senior Advisor, Communications
Société générale de financement du Québec
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