Logistec Corporation, a marine and environmental services provider, announced its financial results for the second quarter and first six months ended June 27, 2015.
During the second quarter of 2015, consolidated revenue totalled $89.3 million, an increase of $10.6 million or 13.4 per cent over the same period of 2014. The weaker Canadian dollar against the U.S. dollar had a positive impact of $3.9 million on revenue in the second quarter of 2015, in comparison with the Canadian/U.S. dollar translation rate in the second quarter of 2014. The marine services segment’s revenue grew by $4.3 million or 8.8 per cent to $53.4 million for the second quarter of 2015, whereas the environmental services segment’s revenue amounted to $35.9 million, up by $6.2 million over the second quarter of 2014. The growth in the marine services segment reflected an overall increase in volumes of cargo handled. The second quarter of 2015 closed with a consolidated profit attributable to owners of the Company of $6.7 million, down from $7.4 million earned during the same period of 2014. Although operating profit was very similar to last year, overall results were affected by various tax adjustments in 2014 that explain the higher net profit in the second quarter of 2014.
During the first six months of 2015, consolidated revenue rose to a total of $149.6 million, compared with $141.4 million for the first half of 2014. The profit attributable to owners of the Company amounted to $9.2 million, as compared to $11.7 million during the first six months of 2014.
Outlook
“Overall, our outlook can be qualified as cautiously optimistic. Our environmental services segment should keep up its positive momentum on the strength of a well-filled order backlog. In cargo-handling, a few headwinds, namely a warehouse flooding in Virginia and a fire in Georgia, have led us to be a little more cautious as to the outlook for our year-end results,” indicated Madeleine Paquin, President and CEO of Logistec Corporation.