WesternOne Equity Income Fund posted a 19.3-percent revenue increase for the second quarter ended June 30, the Vancouver, British Columbia-based company reported this week. Total revenue for the second quarter was CA$9.5 million (about U.S. $8.6 million), compared with CA$7.95 million for the same period last year. Total revenue for the first six months of 2009 jumped 54 percent to CA$23.58 (about U.S. $21.4 million), compared with CA$15.3 million for the first six months of 2008.
WesternOne reduced bank debt by CA$2.8 million during the first six months of 2009. EBITDA jumped 62 percent in the first six months of the year to CA$7.6 million (about U.S. $6.9 million), compared with $4.7 million for the same period in 2008.
Part of WesternOne’s increase is the result of acquisitions made during 2008.
“We are pleased with the Fund’s year-to-date operating results,” said Darren Latoski, CEO. “We attribute the year-to-date payout percentage of 67.6 percent to our management’s tireless effort to seek new revenue sources and identify new business opportunities by means of leveraging the Fund’s diversified product offering and geographical network established through previous acquisitions. We continue to believe that this is an effective strategy to address the current economic issues, strengthen our financial position and allow us to deliver stable distributions to our unitholders.”
WesternOne Equity Income Fund is No. 81 on the RER 100.
