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.