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. "Building on the significant momentum of Q4 2003, we are now making excellent headway in all strategic areas of our business."
On the TSX Venture Exchange, shares in Carmanah Technologies (TSXV:CMH) rose five cents to $3.10.