Ottawa's BluMetric books $2.3M loss in second quarter

BluMetric pipe

Ottawa cleanteach firm BluMetric Environmental’s second-quarter revenues fell 28 per cent year-over-year, due mainly to a sharp drop in the value of contracts for clients in the defence and government sectors, the company said this week.

BluMetric reported revenues of $5 million for the three-month period ending March 31, down from $7 million a year earlier. The company said the decline in sales to the military and government sectors was the result of “several one-time contracts which did not repeat” in the second quarter of 2020.

BluMetric also blamed the weaker results on longer sales cycles as well as “projects being put on hold due to the uncertainty” of the COVID-19 pandemic.

The company booked a net loss of $2.3 million compared with net earnings of $112,000 in the second quarter of 2019. 

The Carp-based firm recently signed a $1.6-million deal to provide water remediation services to a mine in the Northwest Territories.

The company's shares were down two cents to 13 cents at the close of trading on the TSX Venture Exchange on Thursday.