November 16, 2009
Armtec Infrastructure acquisitions boost earnings
GUELPH, Ont.
Armtec Infrastructure Income Fund said Nov. 11 that it earned $26.9 million in its latest quarter, up from a year ago as revenue grew due to acquisitions.
The construction material income trust said the profit amounted to $1.33 per unit for the quarter ended Sept. 30 compared with a profit of $19.7 million a year ago.
Revenue totalled $165.2 million, up from $137.8 million.
The fund attributed the nearly 20 per cent growth to the acquisition of Groupe Tremca and Pre-Con closed earlier this year.
In its outlook, the company said the infrastructure market remains positive with government having committed to stimulus programs in addition to earlier commitments to increase infrastructure spending.
Canadian Press
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