jULY/AUGUST 2018 BCBusiness 81
teekay Corp.
Revenue Change: –20.8%
net InCome: –$197 million
net InCome Change: na
Teekay
is one of the largest ship owners
anywhere, specializing in tankers that
transport crude oil, liqueed natural
gas and liqueed petroleum gas. The
Bermuda-based company runs its
Canadian shipping operations out of
Vancouver, and while this coast isn't
necessarily forgiving to tankers full of
fossil fuels, Teekay has had no problem
staying relatively anonymous while
making boatloads of money. But
that didn't hold true in 2017 as the
business hit a rough patch, mostly
owing to lower-than-expected oil
production from
OPEC countries.
Ledcor group of
Companies
Revenue Change: –19.4%
net InCome: na
net InCome Change: na
Vancouver-based
construction
giant Ledcor Group encompasses
many other sectors, including oil and
gas, forestry, mining and transporta-
tion. As a result, it's vulnerable to trends
that a‡ect multiple industries—rising
crude prices, for example. And like
any business, Ledcor can fall prey to
unforeseen circumstances, like the
halting of the Kinder Morgan pipeline
expansion, which it had signed onto
for two stages of construction. That
lack of expected income hurt the
conglomerate's bottom line in 2017.
taiga Building products Ltd.
Revenue Change: –10.3%
net InCome: $8.67 million
net InCome Change: –26%
Building
materials distributor Taiga
grew its revenue from the U.S. during
scal 2017, by about a 12-percent margin.
However, the drop in its Canadian
business dragged the entire Burnaby
company down more than 10 percent.
One of Taiga's divisions, Envirofor
Preservers Ltd., which
produces a variety
of preserved wood
items, like plywood
and decking
materials, saw a
19-percent decrease
in production at
its Ontario branch.
Meanwhile, high housing
prices in cities like Vancouver
and Toronto left people waiting for the
market to cool or reluctant to renovate
right after buying.
'
c=converted from usD at 1.2986 (2017) and 1.3248 (2016) Revenue is by fiscal year
By LAND AND By SeA
Taiga and Teekay had a down
year for building products and
shipping (below), respectively
ISTOCK
RanK ComPanY Revenue 2017 ($000) Revenue 2016 ($000) % Change
1 turquoise hill Resources Ltd. 1,220,398 c 1,594,108 c –23.4
2 South Coast B.C. transp. authority (transLink) 1,688,399 2,152,346 –21.6
3 teekay Corp. 2,441,799 c 3,084,888 c –20.8
4 Ledcor group of Companies 2,500,000 3,100,000 –19.4
5 new gold Inc. 784,874 c 905,898 c –13.4
6 eldorado gold Corp. 508,280 c 573,277 c –11.3
7 SSR mining Inc. 582,777 c 650,458 c –10.4
8 taiga Building Products Ltd. 1,223,978 1,364,322 –10.3
9 B2gold Corp. 829,386 c 905,227 c –8.4
10 Wheaton Precious metals Corp. 1,094,999 c 1,181,135 c –7.3
BIGGEST REVENUE LOSERS BY PERCENTAGE
