Carmanah Technologies Reports Profit

Tuesday, August 20, 2002

BUSINESS: Carmanah Technologies reported a modest $31,000 profit for its second quarter ended June 30, though the company's revenue grew 86 per cent to $1,513,733 compared with the second quarter of 2001 when they saw revenues of $701,587. For the six months ended June 30, Carmanah recorded a record $2,894,777 in revenues -- an increase of 78 per cent over the same period in 2001.

The company says the growth is due to expanded sales and expansion into the railway and mining markets.

Carmanah designs and manufactures solar-powered LED lighting solutions for the marine, transit, roadway and railway markets.

It now has distributors in over 80 countries and more than 45,000 units installed worldwide.