ExelTech Aerospace full-year loss $1.8M; revenue up nine per cent to $54.4M
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Hey there, time traveller!
This article was published 03/07/2008 (6612 days ago), so information in it may no longer be current.
MONTREAL – ExelTech Aerospace Inc. (TSXV:XLT) has reported a 12-month net loss of $1.8 million, down from a prior-year profit of $1.3 million, as the commercial aircraft maintenance and repair company endured a “challenging year.”
Revenue was $54.4 million in the year ended March 31, up nine per cent from $49.8 million in the previous year, ExelTech said Thursday.
But operating profit sagged to $500,000, compared with $4.8 million.
“Our results reflect the impact of the rapid increase in the strength of the Canadian dollar, which has a big impact on our margins because we sell our services in U.S. dollars, but incur most of our costs here in Canada,” commented chairman and CEO Derek Nice.
This month ExelTech moves into a new $19-million heavy maintenance facility at Montreal’s Pierre Elliott Trudeau International Airport, “a cornerstone of the company’s business plan, offering greater efficiencies, economies of scale and increased capacity.”
During the financial year, ExelTech provided overhauls and overnight maintenance to 62 customers from 12 countries, and signed $67 million of new long-term contracts.