Logistec Corporation announced its financial results for the second quarter and first six months ended June 24, 2017.

During the second quarter of 2017, consolidated revenue reached $101.9 million, an increase of $22.2 million or 27.9 per cent compared with the same period in 2016. The increase in revenue came from both the company’s marine and environmental services segments and more particularly from increases in its bulk-handling business from three new terminals, which were added to the network since the beginning of the year.

Revenue from the marine services segment was up by $7.7 million or 14.5 per cent to $53.0 million, while revenue from the environmental services segment amounted to $48.9 million, up by $14.5 million or 42.2 per cent compared with the second quarter of 2016. The increase in revenue in the marine services segment stems primarily from bulk activity, while break-bulk cargo volumes were stable. The high revenue increase in the environmental services segment is due to higher levels of activity in both Aqua-Pipe and site remediation, partially offset by decreased activity in Europe, where the company closed its asbestos removal activities. The second quarter of 2017 closed with a consolidated profit attributable to owners of the Company of $4.8 million, compared with a profit of $1.0 million for the second quarter of 2016.

During the first six months of 2017, consolidated revenue increased to $161.9 million, compared with $144.5 million for the first half of 2016. The profit attributable to owners of the Company amounted to $3.3 million, compared with a profit of $0.8 million.

Madeleine Paquin, President and CEO, reported that “We view our outlook with optimism. We are very pleased with our results for the marine services segment. In particular, our bulk business has shown considerable improvement, especially with the addition of our two new bulk projects. Our container business has also shown double-digit growth and, with the completion of our new Viau container terminal, we are showing improved efficiencies. Results have been disappointing in our environmental services segment, and this can be linked to seasonality, lower-than-expected results for Aqua-Pipe services in the U.S., but more particularly, extremely poor results in France. Despite the slow start, our backlog allows us to believe that the next six months will reach record levels. Furthermore, with the acquisition of 51 per cent of FER-PAL Construction Ltd., we are optimistic about a strong finish to the year in both our marine and environmental services segments.”