Strong retail sales of mobile phones products and services boosted profits at Burnaby's Glentel Inc. (TSX:GLN).
A 22% increase in total sales helped increase Glentel's annual profits 67% to $10.6 million from $6.3 million in 2006.
Annual sales rose to $221.6 million in 2007 from $181.2 million a year earlier due in large part to a 28% increase in Glentel's retail and a 20% increase in its business sales.
Retail sales at its Wireless Wave, Wireless Etc. and Tbooth/la cabine T branded stores rose to $179.8 million from $146.2 million in 2006. The company reported an 11% increase in the number of mobile phones and wireless devices sold.
Glentel's business division, which provides radio and telecommunication services for businesses, saw its revenue rise to $41.8 million from $34.9 million in 2006. Revenue from three acquisitions in 2006 contributed to the revenue increase for the year.
Glentel's share price range during the past week: between $10.32 and $10.99; 52-week high: $12; 52-week low: $7.03.