Federated Co-ops reports challenging financial year

Federated Co-ops is reporting revenues of 7.9 billion dollars and earnings of 177 million dollars despite a challenging year.

Federated Co-ops says it returned 118 million dollars to local Co-ops across Western Canada.

The Saskatoon-based FCL says there were strong results in the food, home and building and agriculture business lines.

However, these were not nearly enough to offset substantial declines in the energy sector.

FCL says 2020 saw significant reduced fuel demand, creating one of the most difficult financial years in recent history.

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