Canaf Group earns $552,815 (U.S.) in Q1 2018
2018-03-28 14:49 MT - News Release
CANAF ANNOUNCES FINANCIAL RESULTS FOR Q1 2018
Canaf Group Inc. has released its financial statements, and management discussion and analysis for the three-month period ended Jan. 31, 2018.
The corporation is very pleased to confirm continued positive results for the quarter, which demonstrate the continued strong performance of the corporation's South African businesses.
Revenue for the quarter increased to $3,273,213 (U.S.); an increase of 9.4 per cent compared with the same quarter last fiscal year, and up 45 per cent from the previous quarter ended Oct. 31, 2017. During the quarter, the corporation recorded a net comprehensive income of $552,815 (U.S.) (2017 $198,221 (U.S.)) and adjusted earnings before interest, taxes, depreciation and amortization of $238,961 (U.S.) (2017 $569,300 (U.S.)).
The corporation expects demand to further increase for Q2, 2018, as demand for Quantum's product remains strong in South Africa.
For more details and discussion on the results, the financial statements and management discussion and analysis can be viewed on SEDAR or on the company website.
About Canaf Group Inc.
Canaf is a public company listed on the TSX Venture Exchange. Canaf's head office is in Vancouver, Canada, with subsidiary offices in the United Kingdom and South Africa. Canaf owns 100 per cent of Quantum Screening and Crushing Pty. Ltd., a South African-based company that owns 100 per cent of Southern Coal Pty. Ltd., a company that produces a high-carbon, devolatized anthracite.
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