August 13, 2010 / 11:48 AM / 7 years ago

UPDATE 1-Canada's CVTech Group Q2 profit rises

* Q2 EPS C$0.03 vs C$0.02 last year

* Q2 revenue more than doubles

Aug 13 (Reuters) - CVTech Group Inc CVT.TO, a Canadian electrical services provider, posted higher second-quarter results, helped by improved performance at both of its segments.

The company earned C$2.1 million, or 3 Canadian cents a share, up from C$925,000, or 2 Canadian cents a share, last year.

Revenue for the company, which constructs and repairs electrical transmission and distribution lines, rose 113 percent to C$57.4 million.

Revenue from the energy segment more than doubled to C$52.6 million in the quarter as a result of contracts obtained in recent quarters by subsidiaries in the segment, the company said.

The company said revenue from the CVT systems and related products segment rose to C$4.8 million from C$3.5 million last year, helped by a slight gain in activity in target markets.

The Drummondville, Quebec-based company’s shares, which have fallen 11 percent in the past three months, closed at C$1.05 Thursday on the Toronto Stock Exchange. (Reporting by Isheeta Sanghi in Bangalore; Editing by Maju Samuel) ((isheeta.sanghi@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: isheeta.sanghi.thomsonreuters.com@reuters.net))

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below