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Business watch [Winnipeg Free Press (Canada)](Winnipeg Free Press (Canada) Via Acquire Media NewsEdge) Forks facelift to begin WORK is about to get underway on a $2.9-million makeover of the visitors centre at The Forks. The Forks North Portage Corporation (FNPC) and Travel Manitoba announced last June the makeover of the approximately 20-year-old building would get underway at the end of the summer tourist season. They also had to wait for the province to officially transfer ownership of the land on which the building stands to the The Forks Renewal Corporation. That has now happened, with the passing of an order in council approving the transfer of the centre to The Forks for $1. FNPC CEO Paul Jordan said Wednesday fencing will be going up around the building within the next day or two, and work crews will begin removing the existing displays. Once everything has been cleared out, a new mezzanine level will be built to house the new offices for Travel Manitoba, which currently leases space in another downtown building. The main visitors' area also will be completely redesigned, and new interactive displays and information terminals will be installed. Jordan said the new displays will be visible to passersby, making the area -- the visitors centre is located next door to the Johnson Terminal -- more animated. Travel Manitoba also will lease the space from The Forks for the next 20 years, providing an additional source of revenue for the FNPC. Jordan said the redevelopment project is scheduled to be completed by March or April, but could take a little longer. MTS revenue down MANITOBA Telecom Services reported a significant decline in net earnings and slight declines in revenue and EBITDA for the third quarter ending Sept. 30, 2104. The Winnipeg-based telco posted total revenue of $402.4 million, down 1.5 per cent from the same period last year. It produced $140.1 million in EBITDA (earnings before interest, taxes, depreciation and amortization), down 1.8 per cent from the year before. Net income for the period was $36.8 million, a drop of 44.9 per cent. The company said faster-than-expected declines in wholesale wireless revenues and unanticipated short-term softness in the wireless pricing environment in Manitoba will impact 2014 results, which are trending about $10 million below the low end of the 2014 financial guidance provided in November 2013. In August, the company announced CEO Pierre Blouin plans to retire later this year. The company expects to announce his successor before Blouin leaves. In September, the company announced it had reached a settlement agreement with its unions and retirees regarding a long-standing dispute of the disposition of $140 million when the company transitioned from a Crown corporation to public company. Tesla delights investors DETROIT -- Electric car maker Tesla Motors set a record for deliveries of its Model S sedan in the third quarter, delighting investors even as its losses doubled from a year ago. Tesla said Wednesday it delivered 7,785 cars during the July-September period. That was slightly below its guidance of 7,800 but up 41.5 per cent from the same quarter a year ago. Tesla's net loss widened to $74.7 million for the quarter, or 60 cents per share, which was almost double its loss from a year ago. The company blamed increased research and development costs for both the Model X SUV, which is due to go on sale next year, as well as its new all-wheel-drive system. It also cited the expense of adding stores in Asia and building more charging stations. Tesla shares rose more than five per cent in after-hours trading to $243.18 per share. -- staff / wire service (c) 2014 F.P. Canadian Newspapers Limited Partnership |