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On the Street: $10.3M profit for Carmanah Technologies

On the Street: $10.3M profit for Carmanah Technologies

Source: Times Colonist
Author: Andrew Duffy

Carmanah Technologies reported a second-quarter profit of $10.3 million, according to statements released this week. The Victoria-based solar company saw its revenue increase to $15.7 million, compared with $9 million in the same quarter last year, when its profit was just $400,000. The company noted the difference was a recognition of $9.9 million in tax assets — investment tax credits and deferred income taxes which allow Carmanah to reduce taxes on current and future earnings realized within Canada. That was previously written off at the end of 2011 due to the uncertainty of usage.

The company decided to reinstate the assets based on its financial performance over the past six quarters. “Carmanah’s second quarter was very eventful,” said chief executive John Simmons. “During the quarter our sales teams generated record levels of new orders, which led to record high revenues and a substantial book of open orders to be completed during the balance of the year.”

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