gata.org / By Dean Beeby / Saturday, February 25, 2017
The Royal Canadian Mint just isn’t making the money it used to.
Revenue is down sharply, jobs have been chopped, morale is in the tank, and formerly successful lines of business are being shut down — even as the mint spends millions of dollars on new executive offices.
Once a cash cow, the mint — which actually lost money in 2015 — is struggling financially.
Latest figures for the third-quarter of 2016 show that revenues were down by $208 million, or about 27 percent, and profits were down by $6.5 million, or 61 percent.
The weak financials mean the mint’s 1,200 employees likely won’t get their general annual bonus, which is based on meeting corporate profit targets. In April 2016 each worker took home an average of $8,204 in bonuses. …
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