A recovering oil and gas sector helped C-COM Satellite Systems end its most recent fiscal year on a high note, the local aerospace firm reported Wednesday.
The company reported fourth-quarter revenues of $3.43 million in the three months ended Nov. 30, up 16.7 per cent from the same period in 2016.
Its after-tax profit for the quarter was up 13.8 per cent year-over-year to $758,017.
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“The company has delivered positive results under last year’s challenging global economic conditions” said C-COM president and CEO Leslie Klein. “With oil prices stabilizing, we expect to see an increase of orders from this important market segment,” he added.
C-COM develops mobile satellites that can be mounted on stationary vehicles to deliver broadband internet and communications. The company’s technology was deployed in Japan to aid first responders in the aftermath of the 2011 tsunami that wiped out hundreds of the country’s cell towers.
More recently, C-COM delivered a “sizeable (and) urgent” order of satellites to satellite network firm Speedcast in Peru in September and was ranked among the top 250 Canadian technology companies by the Branham Group.
For its full fiscal year, C-COM’s revenues increased 10.9 per cent to $10.28 million. Its net after-tax profit – the company’s 13th straight – was up 1.5 per cent to $1.04 million.
The company’s shares were up four cents, or 3.6 per cent, to $1.15 on the TSX Venture Exchange Wednesday.