Canada’s Canam Group narrows loss in Q1
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Saint-Georges, Quebec-based steel fabricator Canam Group reported Friday that for Q1 2012, the company incurred a net loss of $1.3 million, compared with a net loss of $39.7 million in the comparable quarter a year ago. Revenues grew 38 percent to $208.3 million.
Canam Group president and chief executive officer Marc Dutil explained that the sales growth and higher profit margins in Q1 are encouraging signs given that the winter months are historically the least profitable period of the year in the construction industry. He added that the increase in revenue is mainly attributable to joist and steel deck sales.
As at March 31, 2012, Canam Group's backlog of orders stood at $421 million, down 9 percent from $462 million as of December 31, 2011.