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NB Liquor reports slight increase in net income for 2012

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(Globalpost/GlobalPost)

FREDERICTON - NB Liquor is reporting a slight rise in net income for 2012, but says it could be hard to deliver a similar increase this year because of rainy weather and payments for an employee retirement program.

The corporation released its audited results for the year ending March 31, reporting a net income of $164 million.

That exceeded last year's results by $6,000, or 0.5 per cent, making it the 20th consecutive year of increased profits.

Daniel Allain, president and chief executive officer of NB Liquor, says that could be tough to repeat this year since the company will absorb the estimated $2 million cost of eliminating the retirement allowance program for non-bargaining employees.

So far this year, wine sales grew 7.1 per cent but sales of spirits, beer and other drinks are all down.

Allain says the company is trailing last year's first quarter net income by $750,000, due in part to heavy rainfall that reduced the number of people going to liquor stores.

http://www.globalpost.com/dispatch/news/the-canadian-press/130802/nb-liquor-reports-slight-increase-net-income-2012