Despite economic downturn, Genivar’s first quarter encouraging
Genivar Income Fund's financial results for the first quarter of 2009 were favourable. Revenues were $97.4 million,...
Genivar Income Fund’s financial results for the first quarter of 2009 were favourable. Revenues were $97.4 million, representing an increase of 39% compared to the same period last year. Net revenues increased 41% and stood at $84.8 million.
Net earnings per unit before the non-controlling interest were 0.45 cents for the first quarter. The backlog of work was $317 million at March 28.
Pierre Shoiry, president and CEO of Genivar, said he was encouraged: “We are very pleased with these first quarter results and are encouraged with the outlook for 2009 and beyond. Despite the downturn in private sector investment, as well as the general slowdown in the economy, we were able to delivery solid results and continue with the execution of our business plan.”