Logistec Corporation announced record consolidated revenues of $62.7 million for the first quarter of 2014, an increase of $5.4 million or 9.4 per cent over the equivalent period of the previous year. Marine services revenues increased by $1.6 million or 3.7 per cent to $45.8 million, while Environmental services revenues increased to $17.0 million, up by $3.7 million or 27.9 per cent over the first quarter of 2013. Revenue growth in the Marine services segment resulted from an increase in bulk cargo volumes, while the revenue growth in Environmental services resulted from increases in activities in woven-hose manufacturing and management of PCB activities.
The first quarter of 2014 closed with a consolidated profit attributable to owners of the Company of $4.3 million, compared to $1.9 million for the first quarter of 2013.
The momentum established in 2013 has carried on into 2014. The company has signed a multi-year contract with a mining company operating in Northern Québec, further cementing its involvement in the mining industry. During the first quarter, Logistec also acquired a majority position in its joint venture, Mestco Terminal Inc., in Montréal, which has become a subsidiary of the Corporation.
“Our outlook for 2014 is favourable, since our Company should benefit from the ongoing turnaround of the U.S. economy and further capitalize on the growth drivers that served it so well in 2013, namely mining, biomass, containers and port logistics. We also believe our cargo handling business is likely to continue growing in all of our cargo types, as well as on a geographical basis. Finally, we are confident in Sanexen’s capacity to deliver another year of solid performance in 2014, as we expect an increase in the demand for services related to the Aqua-Pipe technology, further improvement in sales of woven hoses and a satisfactory level of site remediation activity,” indicated Madeleine Paquin, President and Chief Executive Officer.