ENERGY TRUSTS / OPTUS Natural Gas Income Fund reports 1997 Results
CALGARY, May 1 /CNW/ - OPTUS Natural Gas Distribution Income Fund
(OPT.UN) today announced its financial results for the year ended December 31,
1997, its first full year of operations. Consolidated net income for the year
was $3,120,000 ($0.34 per trust unit) up from a loss of $1,549,000 ($0.26 per
trust unit) for the 5 months ended December 31, 1996. Distributable income of
the Fund was $16.1 million or $1.76 per trust unit of which $1.68 was
distributed during the year in monthly installments. The distribution rate per
trust unit was increased three times during the year to an annual rate of
$2.00 in November 1997. The accompanying table provides highlights of the
OPTUS 1997 results.
Since the initial public offering in July 1996, OPTUS trust unit price
has demonstrated steady growth on the Toronto Stock Exchange. Unitholders who
held their units from the inception of the Fund would have realized more than
100% return in 18 months. During 1997, Unitholders had a total return of 25.7%
which substantially exceeded the 9.6% total return of the ScotiaMcLeod Income
Unit Index over the same period.
OPTUS is an income trust which through Direct Energy Marketing Limited is
Canada's largest independent natural gas marketing company, currently
distributing natural gas to approximately 500,000 residential and small
business customers in Ontario, Manitoba and Quebec. Direct Energy Marketing
Limited supplies approximately 750 mmcf of gas per day to industrial,
commercial, institutional and utility customers in North America. OPTUS has no
external term debt and a market capitalization of $240 million.
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Financial ($ thousands except per Year Ended Five Months Ended
Trust Unit amounts) December 31, 1997 December 31, 1996
Sales 561,813 42,026
Income (loss) 3,120 (1,549)
Per Trust Unit 0.34 (0.26)
Distributable income 16,056 3,231
Per Trust Unit 1.76 0.54
Unitholders' equity 127,230 50,734
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