The chief executive of C-COM Satellite Systems says he expects stabilizing oil prices to lead to more orders from the Ottawa tech company’s clients in the oil and gas sector in the coming months.
Leslie Klein made the comments as the firm released its first-quarter results, which showed revenues climbed 22 per cent, year-over-year, to $1.82 million. C-COM’s after-tax profit in the three-month period that ended Feb. 28 jumped to $16,862 from $1,635 in the first quarter of 2017.
“We are pleased with the increase in sales over the same period last year, which is an indicator of improved market conditions,” Klein said in a statement.
C-COM, which develops mobile satellites that can be mounted on stationary vehicles to deliver broadband internet and communications, has now recorded profits in 28 straight quarters.