BioteQ revenue up 29% year-to-date

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.

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.

ecrawford@biv.com

@EmmaCrawfordBIV

comments powered by Disqus

More from Environment & Sustainability

Canadian business needs to catch up to 'circular' thinking

Companies need to embrace zero waste models, says advocacy group

Read Article

Pamela Anderson joins Sea Shepherd in anti-fish-farm campaign

Former Baywatch star, Sea Shepherd Society joins forces with Alexandra Morton

Read Article

Wide gulf of opinion runs through coastal forestry debate

Industry faces collapse from dwindling supply of old-growth timber, Sierra Club says

Read Article

Feds to launch review of NEB regulatory and environmental processes

The Canadian government has announced it plans to establish an expert panel this summer that will...

Read Article

Dawson Creek flood response cost three times as much as last similar ...

The response to last week’s flash flooding in Dawson Creek cost nearly three times as much as...

Read Article

Subscribe to our mailing lists

* indicates required

Newsletters

* You can modify your newsletter subscriptions at the bottom of any newsletter you receive.
×