Logistec Corporation, a marine and environmental services provider, announced its financial results for the second quarter and first six months ended June 29, 2013.
During the second quarter of 2013, consolidated revenue and profit rose to a record high for a second quarter. Revenue totalled $72.7 million, an increase of $12.4 million or 20.6 per cent over the same period of 2012. The marine services segment’s revenue grew by $12.9 million or 39.9 per cent to $45.3 million for the second quarter of 2013, whereas the environmental services segment’s revenue amounted to $27.5 million, down $0.5 million from the second quarter of 2012. The growth in the marine services segment reflected an overall increase in volumes of cargo handled in all regions. Among others, the addition of CrossGlobe Transport, Ltd. in the third quarter of 2012 contributed to the increase in this quarter. The second quarter closed with a consolidated profit attributable to owners of the company of $7.4 million, compared with $3.4 million for the same period of 2012.
For the first six months of 2013, consolidated revenue totalled $130.1 million, compared with $104.7 million for the first half of 2012. The profit attributable to owners of the company amounted to $9.3 million. This compares favourably to a profit attributable to the owners of the company of $2.2 million for the same period of 2012.
Outlook
“We are very pleased to have had the best performance in the history of Logistec for a first semester. We believe that the second half of 2013 is also looking very promising, as demand for our marine services is growing both in Canada and the USA, while our environmental services segment should continue to perform well,” indicated Madeleine Paquin, President and CEO.