VANCOUVER - Carmanah Technologies Corp., which makes solar-powered lighting, says a 115 per cent sales increase led to a first-quarter profit of $369,492.
Earnings for the quarter ended March 31 amounted to 1.3 cents a share and compared with $12,915 or a tenth of a cent in the year-earlier quarter, Vancouver-based Carmanah reported today.
Record revenues of $4.11 million were 24 per cent higher than the previous record achieved in 2003's fourth quarter.
Carmanah is an alternative-energy firm specializing in patented solar-powered LED lighting for the marine, aviation, transit, roadway, railway and mining markets.
"This has been a very strong quarter for Carmanah, consistent with our financial objectives for 2004," CEO Art Aylesworth said in a release.