|Canaf Group earns $541,808 (U.S.) in fiscal 2017|
2018-02-23 13:13 MT - News Release
Mr. Christopher Way reports
CANAF ANNOUNCES FINANCIAL RESULTS FOR YEAR ENDED 31 OCTOBER 2017
Canaf Group Inc. has released its financial statements and management's discussion and analysis for the year ended Oct. 31 2017.
For the year, revenue increased to $10,669,117 (U.S.) from $4,703,528 (U.S.) the previous year, and the corporation recorded a net profit of $541,808 (U.S.) in comparison with a loss of $179,155 (U.S.) the previous year. EBITDA (earnings before interest, taxes, depreciation and amortization) for the year was recorded at $1,213,806 (U.S.) or approximately $1,557,269 (Canadian).
The corporation is extremely pleased with the promising results, which demonstrate a clear increase in demand for its calcine product, which is expected to remain throughout the current fiscal year ending Oct. 31, 2018.
Christopher Way, chief executive officer, stated: "The annual results reflect a significant turnaround in comparison to a depressed previous year, and position the company well for the current year, during which we plan to complete our broad-based black empowerment program, further improve on making efficiencies in the business, and also looking at potential investment opportunities in southern Africa."
For more details and discussion on the results, the financial statements and management discussion and analysis can be viewed on SEDAR or on the company's website.
About Canaf Group Inc.
Canaf is a public company listed on the TSX Venture Exchange. Canaf's head office is in Vancouver, Canada, with subsidiary offices in the United Kingdom and South Africa. Canaf owns 100 per cent of Quantum Screening and Crushing Pty. Ltd., a South African-based company that owns 100 per cent of Southern Coal Pty. Ltd., a company that produces a high-carbon, devolatized anthracite.
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