Financial
Balance sheet
Gross revenue held steady at $24.6 million again this year, despite a slight 3% decline in annual volume. Longer dockside stays resulting in higher revenue helped us close the gap.
At $16.2 million, operating expenses went up 15%, largely due to emergency repairs required at the Monseigneur-Blanche Dock and payments in lieu of taxes with the municipality.
The increase affected our operating income, which closed the year at $8.5 million, down $2.1 million from last year.
Other line items were significantly impacted by contractual obligations from the Multi-user Dock and changes in the fair market value of interest-rate swaps.
The overall result was a positive balance of $18.1 million, up from $12.8 million the year before. Key investments made in 2021 went to the Pointe-aux-Basques Terminal rehabilitation project ($2.8 million), upgrades to the Pétroliers and Cruise Ship docks ($0.7 million), and a new hangar at the Multi-user Dock ($0.2 million).
