Canaf Group earns $197,691 (U.S.) in Q1
2017-03-20 08:22 MT - News Release
Mr. Christopher Way reports
CANAF ANNOUNCES FINANCIAL RESULTS FOR Q1 2017
Canaf Group Inc. has released its financial statements and management discussion and analysis for the three-month period ended Jan. 31, 2017.
The Corporation is very pleased to confirm the expected positive results for the quarter, which demonstrates the continued strong turnaround of the Corporation's South African business, Quantum.
Revenue for the quarter increased to $2,991,706; an increase of 193% compared to the same quarter last fiscal year, and up 67% from the previous quarter ended January 31, 2017. The Corporation expects sustained levels of revenue during Q2 2017, as demand for Quantum's product remains strong in South Africa. The Corporation continues to work on allocating all of its production for the rest of the fiscal period, by securing long-term contracts with key customers.
During the quarter, the Corporation recorded a net income of $197,691 (C$259,579), in comparison to a net loss of $294,482 for the same quarter the previous year. Adjusted EBITDA rose to $569,300 (C$747,517) for the quarter.
The Corporation intends to continue to generate positive free cash flow during the fiscal year-end 2017 and, as it accumulates cash, will continue to look at either investment to improve the efficiency of its older facilities, or investment in related business opportunities in South Africa.
For more details and discussion on the results, the Financial Statements and Management Discussion and Analysis can be viewed on www.sedar.com or the Company's website, www.canafgroup.com. All references to dollars herein are to US dollars.
Canaf is a junior mining related group based in Vancouver, Canada, and with subsidiary offices in the United Kingdom and South Africa. Canaf owns 100% of Quantum Screening and Crushing (Pty) Ltd., ("Quantum"), a South African based company that produces a high carbon, de-volatised anthracite.
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