Logistec Corporation, a marine and environmental services provider, today announced its financial results for the second quarter and first six months ended June 28, 2014.
Logistec reported revenues totalling $78.7 million for the quarter ended June 30, an increase of $6.0 million or 8.2 per cent over the same period of 2013. The marine services segment’s revenue grew by $3.8 million or 8.3 per cent to $49.1 million for the second quarter of 2014, whereas the environmental services segment’s revenue amounted to $29.6 million, up by $2.2 million over the second quarter of 2013. The growth in the marine services segment reflected an overall increase in volumes of cargo handled, especially with respect to bulk cargo and the company’s activities along the U.S. East Coast. The second quarter of 2014 closed with a consolidated profit attributable to owners of the Company of $7.4 million, up slightly compared to the same period of 2013.
During the first six months of 2014, consolidated revenue and profit rose to a record high. Consolidated revenue totalled $141.4 million, compared with $130.1 million for the first half of 2013. The profit attributable to owners of the Company amounted to $11.8 million.
Madeleine Paquin, President and Chief Executive Officer of Logistec Corporation, commented “We are very pleased to have achieved Logistec’s best-ever performance for a first half of the year. The second half of 2014 also looks 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. The combination of new contracts with the acquisition of businesses and an ambitious capital expenditure program for 2014 makes us confident for the balance of the year, as well as for the years ahead.”