GREETINGS FROM THE CHAIR
Over the past year we have spent quite a bit of time developing a strategic plan for the company, and now have short plan that I think we can use to guide Board decision-making. We have paid a lot of attention to defining what kind of company we want Qikiqtaaluk Corporation to be. We have talked about values and about efficiency; we have talked about vision and about practicality. The Board does not want a business strategy that is not connected with QC’s day-to-day operations. At the same time we want QC to be a business that inspires the people who work for it, and the people who own it. I think we have made a good start.
We want to have a business whose relationships are based on honesty, integrity, fairness and respect, and that promotes respect across cultures. We want our people to work in a positive work environment that puts value in creativity and innovation as well as personal responsibility and initiative. Here again, I think we have made a very good start, but there is still plenty of work to do.
The past year’s financial results have been very good once again. The company has started some new ventures including a new Dew Line Clean Up at Ekalugad Fiord and the purchase of fishing boat Saputi. Staff have been gaining skills and developing confidence. I am proud of the progress the company is making, and once again I want to thank the rest of the Board for their support through the year, and all the staff for their continued dedication to making Qikiqtaaluk Corporation a leader among Inuit companies in Nunavut.
George Qulaut
Chair
QIKIQTAALUK CORPORATION
CONSOLIDATED STATEMENT OF INCOME
FOR THE YEAR ENDED MARCH 31, 2006 |
| |
2006 |
2005 |
| REVENUE |
$ 45,760,170 |
$41,424,130 |
| EXPENSES |
42,894,568 |
37,650,583 |
| INCOME FROM OPERATIONS |
2,865,602 |
3,773,547 |
| OTHER INCOME |
2,767,293 |
1,051,504 |
| INCOME BEFORE OTHER ITEMS |
5,632,895 |
4,825,051 |
| INCOME TAXES |
(1,274,293) |
(1,087,261) |
| |
4,358,248 |
3,737,790 |
| MINORITY INTEREST |
(511,207) |
(474,868) |
| NET INCOME |
$3,847,039 |
$3,262,922 |
|
