Noveko International shrinks its Q2 losses on higher sales during H1N1 crisis
Noveko International Inc. (TSX:EKO) says the H1N1 flu crisis last year helped shrink its second-quarter net loss this year to $2.93 million.
The maker of antimicrobial face masks cut its loss to three cents per share from seven cents or $5.01 million the year-earlier quarter.
Noveko said sales of hand sanitizers and masks shot up "significantly" during the H1N1 influenza crisis, leading to record consolidated revenue.
Second quarter revenue growth also increased due to an order for hand sanitizers by Quebec's IGA grocery stores, as well as more sales of medical equipment by the company's Algerian division.
The company's revenue went up to $5.02 million in the quarter from $4.89 million last year.
But Noveko's subsidiary Epurair took a financial hit as the Canadian dollar climbed against the euro.
"We intend to keep up this momentum notably by taking advantage of the remarkable progress in our medical equipment segment and the advances achieved by our various filtration activities," Andre Leroux, chairman and CEO of Noveko said in a statement.