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ADF Group reports losses, revenue down from year ago

The Canadian Press
ADF Group reports losses, revenue down from year ago

TERREBONE, QUE. — ADF Group Inc. reported a loss of $532,000 in its latest quarter compared with a profit of $1.9 million a year ago.

The company, which manufactures large complex steel structures, says the loss amounted to two cents per share for the quarter ended July 31 compared with a profit of six cents per share a year ago.

Revenue for the quarter totalled $32.2 million, down from $45.3 million in the same quarter last year.

ADF says its order backlog stood at $141.1 million at July 31, compared with $85.5 million at Jan. 31.

ADF chief executive Jean Paschini said the results were tinged with the uncertainty surrounding customs tariffs.

The U.S. has imposed 25 per cent tariffs on imports of steel and 10 per cent tariffs on aluminum. It initially gave Canada an exemption, but that ended on June 1.

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