BluMetric posts $228,000 Q1 profit

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A month after announcing it had recorded its second consecutive annual profit, Ottawa clean-tech firm BluMetric had more good news for investors this week.

The company, which specializes in water and wastewater treatment, Tuesday reported a net income of $228,000 for the first quarter of fiscal 2017 – a whopping 1,325 per cent increase over the $16,000 profit it posted in the same period a year earlier.

BluMetric’s quarterly revenues rose to $8.3 million from $7.9 million, while operating costs increased slightly to $1.3 million.

CEO Roger Woeller said he was pleased with the results, which continue the Kanata-based firm’s recent string of strong performances on the balance sheet. In late January, BluMetric (TSX-V: BLM) announced it had recorded a profit of nearly $600,000 in fiscal 2016, the second year in a row it finished in the black after seven consecutive years of losing money.

The company’s work in recent years has overwhelmingly been for Canadian clients, including clean-up of mines in northern Ontario as well as Nunavut, the Northwest Territories and the Yukon, although it also has customers in the United States and Central America in addition to experience in Europe, Africa and the Middle East.

On Tuesday, BluMetric touted its strength in the mining, industrial and commercial water and wastewater segments, particularly in northern Ontario and the Arctic. It said ongoing service and maintenance contracts have proven to be “steady source of revenue” in those regions.

The company added it expects to see continued growth from projects in the metals and mining, food and beverage, resource recovery and government services sectors, saying it is working to “refine its special skills relating to the Arctic and remote and challenging environments.”

BluMetric also said it plans to announce a pair of new products in the coming months.