News

Finally, a surplus for QNet

Rick Adams, the general manage of QNet, a city of Coquitlam-owned utility that leases out high-speed fibre optic cables. - tri-city newS FILE PHOTO
Rick Adams, the general manage of QNet, a city of Coquitlam-owned utility that leases out high-speed fibre optic cables.
— image credit: tri-city newS FILE PHOTO

A city of Coquitlam corporation that leases fibre optic cables is making money — five years after it started.

This week, city council — the sole shareholder of QNet — approved the corporation's 2013 annual report and financial statements, showing a profit of more than $75,000 last year.

According to the report by Rick Adams, Coquitlam's IT manager and QNet's general manager, the city-owned utility now has eight telecom service providers leasing the high-speed fibre. And last year saw two new data centre hosting companies set up shop in Coquitlam.

Adams said QNet will take a new approach this year, focusing more on sales directly to local businesses.

In 2008, the city loaned QNet nearly $5 million for its start-up; the corporation intends to pay back the money, plus $2 million in interest charges, by 2028. (Adams told The Tri-City News in 2009 he was confident QNet would not only be able to pay back the city loan in five years, the company would be making $5 million annually by its 10th year).

QNet is governed by a board of directors that includes city manager Peter Steblin as the chairperson.

jwarren@tricitynews.com

 

We encourage an open exchange of ideas on this story's topic, but we ask you to follow our guidelines for respecting community standards. Personal attacks, inappropriate language, and off-topic comments may be removed, and comment privileges revoked, per our Terms of Use. Please see our FAQ if you have questions or concerns about using Facebook to comment.

You might like ...

Comox Valley Food Bank fundraiser later this month
 
Winter clothing drive the brainchild of a child
 
Impact of Canadian Forces recognized in airport terminal
Victoria Royals unable to hold off Kelowna Rockets
 
Past, present and future
 
ELECTION 2014: Alberni votes for change
Downtown Parksville merchants having some fun this holiday season
 
Red Nose offers Nanaimo drivers safe ride home
 
Speed bump

Community Events, November 2014

Add an Event


Read the latest eEdition

Browse the print edition page by page, including stories and ads.

Nov 14 edition online now. Browse the archives.