CVTech Group earnings rise as sales grow in electricity segment
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Hey there, time traveller!
This article was published 27/03/2009 (6339 days ago), so information in it may no longer be current.
DRUMMONDVILLE, Que. – CVTech Group Inc. (TSX:CVT) has posted a higher fourth-quarter profit as sales were boosted by its electricity segment and a weaker Canadian dollar.
The 615-employee company, with subsidiaries making continuously variable mechanical transmissions and electricity transmission systems, said net income for the quarter was $4.6 million or eight cents a share.
That’s up from a year-earlier profit of $1.2 million or two cents a share.
The electricity segment saw a 31 per cent increase in sales which helped power October-December revenue up 27 per cent to $39.6 million.
That compared with $31.2 million from the same period in 2007.
The Quebec-based company’s full-year profit was $9.9 million, up from $6 million in 2007. That amounted to 17 cents a share compared with 11 cents a share.
CVTech’s annual revenue rose 14 per cent to $148.2 million, thanks largely to the loonie’s weakness against the euro.
The company agreed last month to buy an undisclosed electrical services firm for $60 million in cash and shares. The aquired company will be identified at the close of the deal July 1.