Sealaska Corp posts internal profit for 1st time in 14 years

JUNEAU, Alaska (AP) – Southeast Alaska’s regional Native corporation has posted its first internal profit in 14 years.

The Juneau Empire reports that in documents released to shareholders on Thursday, Sealaska Corp. reported net income of $43.3 million in 2017.

The report marks a huge turnaround for the corporation, which lost $35 million in 2013 and hasn’t broken even on its own operations in a decade and a half.

The shift in Sealaska’s fortunes corresponds with a new five-year plan approved by the corporation’s board of directors in 2012.

Sealaska’s revenue now comes from four main areas: Natural resources, services, food and investments.

Sealaska also earns money from real estate and other minor sources, including a stake in a prospective casino in California, which CEO Anthony Mallott says the corporation is trying to unload.
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Information from: Juneau (Alaska) Empire, http://www.juneauempire.com

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