DRUMMONDVILLE, Que. – CVTech Group Inc., a company that builds and maintains electrical transmission lines in Quebec and the eastern United States, says revenues rose almost 13 per cent, related to natural disasters in the quarter.
But CVTech (TSX:CVT) said Thursday that it had a lower third-quarter profit of $1.1 million versus $2 million.
Consolidated revenues were $62.7 million, up 12.9 per cent from $55.5 million in the third quarter of 2010.
“This increase reflects mainly revenues of $12.6 million related to natural disasters that occurred during the quarter,” CVTech said in a news release.
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“On the other hand, the conversion effect resulting from fluctuations in the value of the Canadian dollar reduced the value of consolidated revenues denominated in foreign currencies by approximately $2.5 million relative to the same period a year earlier.”
Earnings per shared diluted were two cents per diluted share, compared with three cents per diluted share for the quarter ended Sept. 30, 2010.
CVTech said its order backlog at the end of the quarter was roughly $308 million, relatively stable in comparison with the end of the previous quarter.
“Despite hesitant economic conditions, our subsidiaries remain well-positioned to further increase their penetration of market niches with high growth potential, such as services related to renewable energy,” chief executive Andre Laramee said in a news release.
“In addition, our target markets remain fragmented and CVTech’s healthy financial position allows it to actively remain on the lookout for further strategic acquisitions that will expand its service offering and geographical scope.”
CVTech is a management company that provides services to the electric power industry for the maintenance of transmission lines and also provides maintenance and construction services to utility and heavy industrial markets.
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