Burnaby-based QuestAir Technologies Inc. (TSX:QAR) has reported second-quarter results for the period ending March 31.
Net loss for the second quarter of fiscal 2008 was $2.1 million compared with a net loss of $4.7 million for the same period last year. Quarter to quarter revenue was $2.3 million and $872,746, respectively.
QuestAir has entered into a two-year, $6.3 million agreement with ExxonMobil Research & Engineering to commercialize a hydrogen purifier.
The company has also announced cost-cutting measures that include eliminating 13 full-time positions. They're expected to save QuestAir $1.25 million annually.
QuestAir is a developer and supplier of proprietary gas purification systems.
Its share price range during the past week: between $0.14 and $0.18; 52-week high: $1.19; 52-week low: $0.13.