From The Province of Alberta
Infrastructure spending supports economy, jobs
LIVE: As part of our Blueprint for Jobs, Alberta's infrastructure plan will invest $19.3 billion in the next 3 years to build new roads, schools, and hospitals, while creating thousands of jobs.
Posted by Jason Kenney on Friday, 6 March 2020
Government’s 2020 Capital Plan spends 19.3-billion tax dollars over three years to deliver the infrastructure Alberta families and communities need.
Alberta’s 2020 Capital Plan provides for key infrastructure projects that will build a prosperous future and keep Albertans working. Over and above what was announced in the last budget, the 2020 Capital Plan will fund new projects worth an estimated $772 million over the next three years. These projects will support more than 3,000 new jobs by 2022.
“We are accelerating an already aggressive Capital Plan with a focus on infrastructure that creates jobs and economic growth. This Capital Plan will make life better for Albertans, improving access to health facilities, schools, roads, and other important infrastructure.”
“With these responsible investments, Alberta-based businesses and the skilled workers they employ will have opportunities to bid on significant provincial projects for the next three years.”
The Government of Alberta will also introduce legislation this fall outlining how it will prioritize and report on capital spending. This will implement a platform commitment to publish a 20-year strategic capital plan.
- Alberta’s 2020 Capital Plan invests in new infrastructure projects, including:
- expansion of the emergency department and mental health unit at Calgary’s Peter Lougheed Centre
- expansion of the Red Deer Regional Hospital Centre
- two new school modernization projects and construction funds for nine school projects which were previously approved in Budget 2019 for design only
- funding for the Bow Reservoir Options Project
- Glenbow Museum in Calgary modernization
- The 2020 Capital Plan continues to support key infrastructure projects, including:
- the new Gene Zwozdesky Centre at Norwood in Edmonton
- Edmonton’s Misericordia Hospital expansion
- school capital projects in various phases of planning, design and construction throughout the province
- Northern Lakes College High Prairie Consolidation
- Edmonton and Calgary ring roads and light rail transit (LRT)
Blackfalds — New high school (9 to 12) for Wolf Creek Public Schools
Red Deer — New middle school (Grades 6 to 9) for Red Deer Catholic Regional Schools
Shaw posts lower third-quarter profit, revenue amid COVID-related store closures
CALGARY — Shaw Communications Inc.’s third-quarter revenue and profit were down from the same time last year due to COVID-19’s impact on its internet, cable and wireless businesses.
Net income fell 18.9 per cent from the same time last year to $184 million or 35 cents per share, it announced Friday after stock markets closed.
Revenue for the three months ended May 31 was $1.31 billion, down 0.8 per cent from the third quarter of fiscal 2019.
“While the financial impacts from COVID-19 in the third quarter were not material, the situation is still uncertain in terms of its magnitude, outcome and duration,” the company said Friday.
“Consumer behaviours could still change materially, including the potential downward migration of services, acceleration of cord-cutting and reduced ability to pay their bills, all due to the challenging economic situation.”
The company noted that, besides the pandemic, its customers have been affected by low commodity prices that have weighed heavily on its home province of Alberta.
Shaw noted that 90 per cent of its retail locations were closed during the quarter due to the COVID-19 lockdowns, affecting its ability to add subscribers and sell equipment such as smartphones.
Its Freedom Mobile wireless business added about 2,200 postpaid customers but lost 7,700 pre-paid subscribers. Its wireline business lost 5,100 internet subscribers and 22,000 video customers.
On the other hand, Freedom’s churn rate — which measures how many customers leave — was a company record low of 0.96 per cent.
At Shaw’s business services unit, revenue was similar to last year at $140 million, although it was down 2.8 per cent compared with the second quarter that ended in February, as many customers temporarily suspended, cancelled or reduced their accounts due to pandemic closures.
Shaw Business primarily serves the small- and medium-sized market, which the company said is especially vulnerable to lower commodity prices, mandated COVID closures and social distancing.
This report by The Canadian Press was first published July 10, 2020.
Companies in this story: (TSX:SJR.B)
The Canadian Press
Shaw: Fiscal 3Q Earnings Snapshot
CALGARY, Alberta (AP) _ Shaw Communications Inc. (SJR) on Friday reported fiscal third-quarter net income of $131.7 million.
The Calgary, Alberta-based company said it had profit of 25 cents per share.
The results exceeded Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 22 cents per share.
The communications and media company posted revenue of $938.7 million in the period.
Shaw shares have dropped 19% since the beginning of the year. In the final minutes of trading on Friday, shares hit $16.53, a decrease of 18% in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on SJR at https://www.zacks.com/ap/SJR
The Associated Press
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