Otter Co-op has posted another successful year, despite the global economic troubles and volatile commodities markets.

Co-op general manager Dean McKim told the 87th annual general meeting on May 27 that total sales of over $115 million were "5.56% better than budget and 17.43% better than last year."

McKim added that, "There was definitely an inflationary factor built in there as we experienced extremely high petroleum pricing and high commodity costs for most of the year."

However, "The good news is that our net savings ended the year at $6,081,987; this is 10% below last year but 10% better than budget."

Otter Co-op has invested significantly in renovations and expansions over the year, including acquisitions and openings of new gas bars at Ladner, West Abbotsford and Gloucester Industrial Estates.

Despite this expenditure Otter Co-op remains debt-free. Their assets total $48.8 million and member ownership stands at 73.9%.

Kent Strobel, retiring president, also noted the merger with Consumers Co-op on the north shore of the Fraser has contributed to the local co-operative movement's ongoing success.

"We are very excited with this venture," said Strobel, "and look forward to expanding our trading area into the Maple Ridge-Pitt Meadows area."

Sales were up significantly at the co-op's gas bar, bulk petroleum, food, pharmacy and feed mill divisions, and only marginally down, by half a percentage, at the general merchandise division.

In the last five years Otter Co-op has paid out $14.1 million to members in annual cash repayments, and this will continue in 2009, said McKim.

"This year, based on the recommended allocation of 4.75%, our members will receive well over $2.7 million in cash repayments from Otter Co-op," said McKim.