For the first quarter ending July 1st, The Crown corporation is reporting net earnings of $47.6 million dollars, which is an increase of 0.2 million over last year’s first quarter results.
The President and CEO of the Newfoundland Labrador Liquor Corporation says despite challenges with mirroring markets in other jurisdictions, they were able to deliver an increase in net earnings. For the first quarter ending July 1st, The Crown corporation is reporting net earnings of $47.6 million dollars, which is an increase of 0.2 million over last year’s first quarter results. However, the dividend paid to government totalled $48 million for the first quarter, and is actually $5 million lower than the previous first quarter. NLC President and CEO Bruce Keating says this is partly due to the timing of payments. He says over the past 3 years, their dividend to government has been around $200 million and they’re confident they’ll reach that amount this year. Keating says sales are down across the country mainly because of inflation and people having less disposable income. Meanwhile, total cannabis sales rang in at $19.4 million, a 7 percent increase over last first quarter results.
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