Canada-based CFR Chemicals has exceeded projected revenues and profits for the first quarter of its current fiscal year, pulling in revenues of C$4.9m ($4.8m), up 70 per cent year-on-year, while chalking up a pre-tax profit of $260,000 as opposed to the $208,000 loss it incurred during the same period last year. Furthermore, with CFR's revenues for the first two months of the current second quarter up 254 per cent year-on-year to $5.6m compared with last year's figure of $2.2m and net income up 535 per cent from $68,694 to $368,000, the company considers itself well positioned to finish the present three-month period with record revenues and earnings.
"We have been very busy over the past three to four months and we do not see any sign of our business slowing down," says Darren Lamothe, president and CEO of both CFR and Diversified Industries, which now owns a 50 per cent stake in CFR with the option to purchase the remaining 50 per cent on or before February 28, 2010. "Our first quarter sales were way up and it looks like we will have record sales for our second quarter as well. We have generated serious interest over the past six months in Kuwait, South America, domestically and in the US with Diversified's patent pending DVS 6000 chemical and we are very excited to see where it takes us"
Primarily selling speciality chemical products to the oil and gas industry and backed by a network of suppliers around the world, CFR is currently in the process of expanding its Kuusamo, Alberta facility through the addition of eight new storage tanks to support increased demand for its specialty chemical blending business, including that associated with DVS 6000, Diversified's proprietary hydrogen sulphide scavenger that is expected to experience significant gains in market share over the next 12 to 24 months. Located 26 km west of Red Deer on a 89,000 m2 parcel of industrial-zoned land purchased in March last year, the Kuusamo facility already boasts more than 40 storage tanks capable of handling in excess of 7m litres of assorted chemicals.
Telephone (+1 403) 346 2214 Fx 346 2299
[post_title] => CFR exceeds projections [post_excerpt] =>
Canada-based CFR Chemicals has exceeded projected revenues and profits for the first quarter of its current fiscal year, pulling in revenues of C$4.9m
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