Victoria's Carmanah Technologies Corp. (TSX:CMH) is citing a strong Canadian dollar as the main reason the company has stumbled to a $4.3 million loss for the first nine months of 2007 compared with a profit of $437,000 over the same period last year.
Despite nine-month revenue of $46 million in 2007, which was the same as the previous year, Carmanah said the higher Canadian dollar lowered sales, eroded margins and increased foreign exchange losses.
The company is consequently reviewing its operations, including pricing and supply management. CFO Roland Sartorius said it has also initiated foreign currency hedging in its current third quarter.
Carmanah Technologies' share price range during the past week: between $1.22 and $1.28; 52-week high: $3.51; 52-week low: $1.13.