Though its turnaround continued with a third consecutive profitable year, BluMetric Environmental’s year-end earnings showed a slight dip as the company deepens its reach into the mining sector.
After markets closed on Monday, the Ottawa-based clean-tech firm reported revenues of $30.5 million for the fiscal year ending Sept. 30, 2017. That’s down from $31.5 million a year earlier.
BluMetric (TSX-V:BLM) did end the year on a positive note with revenues of $7.6 million in the fourth quarter, an increase of five per cent year-over-year.
Though the firm was able to report its third straight annual profit, its net income dropped to $334,000 in fiscal 2017 compared with $588,000 in 2016.
In a statement, the firm said it traces its higher operating costs in this past year to a loss on a property sale where there was a gain in 2016. In its most recent quarter, the firm also saw an increase in bad-debt provision and higher consultancy fees.
In recent months, BluMetric has secured numerous multimillion-dollar contracts to remediate mines in Quebec and Canada’s North. The firm has expanded its services in the mining sector from environmental assessments to increasingly take on remediation work as well.
Despite the slight drop in profits and revenues, it’s a positive ending to the past decade of BluMetric’s operations. The company saw seven consecutive years of losses before appointing BluMetric veteran Roger Woeller to the CEO role in 2014, at which point the firm began its return to profitability.
“My job was to get the wings level and get this thing pulling out of the dive, setting up conditions for growth for the future ... That’s what the board hired me to do,” Woeller told OBJ.
BluMetric announced a search for Woeller’s replacement last June and last month appointed Dan Scroggins to fill the chief executive role in the interim.