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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

 

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