A lag in government spending in the lead-up to this fall’s federal election hampered quarterly results for Ottawa’s BluMetric Environmental (TSX-V:BLM), the company reported Friday.
The cleantech engineering firm reported revenues of $7 million for the three months ended June 30, a decline of 16 per cent year-over-year. Operating costs were down $300,000 to $1.2 million, however, so the company still managed to turn a profit of $10,000 on the quarter.
BluMetric said in a release that the firm’s earnings were affected by “slower than usual spending” from federal government customers. It traced the reduced activity to the upcoming federal election, but said it expected business to pick up again after the vote.
BluMetric noted that the company continues to find success with water treatment projects in Canada’s North, First Nations communities and other remote areas. The firm also made progress on its business in the United States this past quarter, striking a deal with California-based Brown and Caldwell to collaborate on engineering projects on each firm’s respective side of the border.