With a mission to inform, empower, celebrate and advocate for British Columbia's current and aspiring business leaders, BCBusiness go behind the headlines and bring readers face to face with the key issues and people driving business in B.C.
Issue link: http://digital.canadawide.com/i/1501233
real estate firm appeared in our 2018 win- ners, 2019 losers, 2021 winners and, to complete the cycle, 2023 losers. Polygon is a private company, so it's hard to see ex- actly where the cash drop occurred. We'll see next year whether the shift was due to regression, the pressure of government ef- forts on the housing market, or something else entirely. Insurance Corporation of British Columbia REVENUE CHANGE: –17.9% NET INCOME: $2.2 BILLION NET INCOME CHANGE: 44.1% Everyone's favourite insurance corpora- tion fell a few spots in terms of revenue, but don't worry—net income was posi- tive. The move to Enhanced Care—and its change to first-party coverage—has meant both lower revenues and lower costs for the Crown corporation. The lower claims costs, along with high investment income, have ICBC driving all the way to the bank. BBTV Holdings REVENUE CHANGE: –15.6% NET INCOME: –$197.2 MILLION NET INCOME CHANGE: N/A Last year, Broadband TV was the big- gest winner in terms of revenue change percentage in our Top 100. But we noted that CEO Shahrzad Rafati probably wasn't popping too many bottles of champagne. That's because the entertainment net- work posted a (fairly big) net income loss. Things were better this year in the latter but worse in the former. The company is still confident; it's waiting for YouTube Shorts—and the 32 percent of its viewer- ship that sits on the platform—to become monetized. That process started in Febru- ary 2023. Westshore Terminals Investment Corp. REVENUE CHANGE: –14.2% NET INCOME: $104 MILLION NET INCOME CHANGE: –$24.1% Westshore, which operates North Amer- ica's biggest coal export terminal out of Roberts Bank in Delta, admitted in its year-end letter to shareholders that it had a challenging 2022. Extreme cold and heavy snow at both the start and end of the year were factors in decreased production, as was a 23-day workers' strike in the fall and the below-expectations second-half per- formance of rail carrier BNSF. Vancity Credit Union REVENUE CHANGE: –10.2% NET INCOME: $73.5 MILLION NET INCOME CHANGE: –30.9% Coming off a lucrative 2021, a slide was probably always in the cards for Vancity. And with economic and market conditions driving a sharp slowdown in housing activ- ity and business investments, it was likely worse than anticipated. Investor confi- dence in the market understandably hit a low in the second-half of 2022. The good news for Vancity is that, even in a down year, the financial institution made some nice profits. Now comes the hard part: the bank is expecting unfavourable market conditions and unpredictability to persist in 2023. Ero Copper Corp. REVENUE CHANGE: –9.6% NET INCOME: $173 MILLION C NET INCOME CHANGE: –31.9% Vancouver-based Ero Copper, which focuses its efforts mainly on Brazil, attributes its drop in revenue to a number of factors, including global supply chain disruptions, geopolitical conflicts and inflationary pressures. But the main reason was the price of copper, which, after reaching an all-time high in early 2022, quickly hit lows not seen since the height of the pandemic. Taseko Mines REVENUE CHANGE: –9.6% NET INCOME: –$29.5 MILLION NET INCOME CHANGE: N/A Taseko, the Vancouver-headquartered operator of Canada's second-largest open- pit mine—McLeese Lake's Gibraltar—ran into many of the same problems that other mineral producers hit. The copper price drop hurt, of course, and the extreme weather in December caused a site-wide power outage. Surging diesel prices (55 percent higher than 2021) didn't help either. Teekay Corporation REVENUE CHANGE: –9.4% NET INCOME: $102 MILLION NET INCOME CHANGE: 311% It may seem a bit strange to see Teekay Tankers in the gainers list while the parent company wades in loser waters, but the numbers really don't tell the whole story here. With a massive net income gain (its highest ever), the company's revenue loss is entirely attributable to common share repurchases. n ISTOCK JULY/AUGUST 2023 BCBUSINESS.CA 95 ROCKY ROAD Copper Mountain Mining, Ero Copper and Taseko Mines all saw major revenue losses this year thanks to a number of factors, including extreme weather events and mineral prices