Peat moss specialist Premier Tech Ltee has reported net earnings of $1 million in its latest quarter, up from a $2.7-million year-ago loss despite a 15 per cent decline in sales.
Peat moss specialist Premier Tech Ltee has reported net earnings of $1 million in its latest quarter, up from a $2.7-million year-ago loss despite a 15 per cent decline in sales.
The company announced it had sales of $62.7 million in its second quarter ended Nov. 26, down from $73.8 million a year earlier as shipments fell 29.9 per cent in its industrial equipment group and 3.7 per cent in its horticulture and agriculture segment.
The sales decline was attributed to a reduction in shipments of industrial equipment in Europe and to the adverse impact of the appreciation of the Canadian dollar.
The bottom-line improvement was credited to “the efficient implementation of the measures announced during the past year to reduce costs and improve the financial performance of Chronos Richardson in Europe and of Erin Systems.”
The currency’s strength reduced sales in Canadian-dollar terms by $6.6 million in the first six months of Premier Tech’s financial year, and results took a further hit from rising transport costs “following a major hike in gas prices and the consolidation of the Canadian transportation industry.”
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