CIRI reports record earnings, despite losses in tourism business

Posted: Thursday, May 31, 2001

ANCHORAGE (AP) -- Cook Inlet Region Inc. posted record earnings for the year 2000.

The regional Native corporation's profits soared to $102 million last year -- nearly double the $57 million reported in 1999. The $102 million profit is the largest ever posted by an Alaska Native regional corporation.

Revenue rose to $380 million from $297 million in 1999.

The big jump in profits was due largely to a huge windfall from the company's investments in wireless telecommunications companies, including Voicestream and BellSouth.

CIRI also reported strong growth in its construction business.

But the company's tourism business was running in the red, posting an $11 million loss for 2000, compared with a $1.3 million loss in 1999.

CIRI launched an aggressive move into tourism in 1997.

Since then, it has built a hotel in Talkeetna, bought one in Seward, invested in a Las Vegas resort and bought a Prince William Sound boat tour company.

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