Braden-Burry reports profit
Doug Ashbury
Northern News Services
Yellowknife (Mar 28/01) - Yellowknife's lone publicly-listed expediting company reports a big boost for its bottom line has come from diamond business.
Braden-Burry Expediting made $116,514 in its first quarter, ended Jan. 31, com pared to just $4,832 profit in first quarter 2000.
The diamond sector is "robust," said Braden-Burry chairman and CEO Gordon Stewart.
"We're anticipating the diamond sector to be strong for quite some time," he adds.
Braden-Burry co-ordinates the movement of people and some supplies to the BHP Diamonds Ekati mine. The company also expedites for De Beers and Diamondex Resources and works with several local aircraft companies.
"A large part of what we do is in the diamond sector and it's been strong."
But the company is looking to diversify its client base, Stewart adds.
He said Braden-Burry is amid negotiations that could soon mean the addition of new non-mining customers.
"We're looking at branching out."
Stewart described the company's recently released first-quarter financial results as a "real turnaround."
Revenues rose 118 per cent to $995,011 from $477,920. First quarter profits were up 2,311 per cent.
Braden-Burry also recently released audited financials for its fiscal year and its annual report.
In annual financial results Braden-Burry reports audited net income of $214,347. This compares with a $22,122 loss in the prior fiscal year. Braden Burry's fiscal year ends Oct. 31.
In the annual report, Stewart said the company is confident it will see benefits from new business in the 2001 fiscal year.
For the fiscal year, Braden-Burry booked strong increases in revenue. Total annual revenue was $3.4 million compared to $2.2 million in the prior year.
Annual expenses were down slightly at $1.1 million.
According to the annual report, BBE's share price continues to "languish" despite strong financial performance and growth. But increased earnings and diversification should improve the share price, Stewart said.
BBE, which trades on the Canadian Venture Exchange, last traded Feb. 27. Some 4,000 shares changed hands at 13 cents. Fifty-two week-high and low are 20 cents and seven cents.
