DRUMMONDVILLE, Que. – CVTech Group Inc. more than doubled its second-quarter earnings from a year ago to report a profit of $1.8 million on Thursday.
The profit amounted to three cents per share, up from $779,000 or a penny per share, a year earlier. Earnings from continuing operations totalled $2 million, up from $862,000.
Revenues were $55.7 million, up from $51.2 million during the second quarter of 2011.
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CEO Andre Laramee said revenue was up in most of CVTech’s (TSX:CVT) business sectors during the quarter.
“Business related to electricity distribution networks was particularly strong, with numerous contracts in progress, some of them spreading over several years. This higher activity led to improved operating profitability,” he said in a release.
“Even more important, our solid business relationships with the main actors of our industry have brought us new contracts in sectors with high growth potential, such as renewable energy.”
The company also said Thursday that an independent committee to look at strategic and financial alternatives has been dissolved, having decided shareholders are best served by CVTech current business plan.
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