BioteQ Environmental Technologies Inc. (TSX: BQE) announced its third-quarter operating results yesterday, with year-to-date revenue 29% higher than that reported in 2011's first three quarters.
The Vancouver-based industrial wastewater treatment company said the increased revenue was largely because of three factors:
- engineering fees and plant sales being double what they were in the same period last year ($2.3 million, compared with $1.1 million in 2011);
- a 35% increase in treatment fees ($1.5 million, compared with $1.1 million in 2011); and
- a small increase in metal recovery revenue ($3.5 million, compared with $3.4 million in 2011).
The company said the increased metal recovery revenue was thanks to a 20% production increase offset by lower global copper prices in 2012.
"We have qualified and expanded our sales pipeline, and important project opportunities continue to advance toward contract decisions," said Jonathan Wilkinson, BioteQ's chief executive officer. "Based on the results for the first nine months of the year, we anticipate that the company will meet its operational and financial milestones for the year."
The increased year-to-date revenue came in spite of the third-quarter revenue falling almost 6% compared with the same period last year ($2.8 million, versus $2.9 million in 2011).
The net loss for the first three quarters is $2.2 million, compared with $3.2 million for the same period last year.
Earlier this year, the company announced it reduced the compensation paid to its board of directors in order to cut costs.