Quebec's leading steel fabricator, Canam Group Inc., tallied a nearly fourfold increase in profit for its latest quarter after a winning a big life insurance payout following the death of one of its executives.
Boucherville-based Canam, which made and put up the structural steel and cables for the new retractable roof at B.C. Place Stadium, said Thursday it recorded net income of $9.7 million, or 22 cents a share, for the third quarter. That compares with a profit of $2.4 million, or five cents a share, for the same quarter last year.
Sales rose nine per cent to $225.6 million, but president and COO Marc Dutil said the company faces highly competitive conditions in the depressed North American non-residential construction markets.
The third-quarter profit was almost entirely the result of a $10-million tax-free gain the company recorded from life insurance proceeds following the death of Thomas Tucker, chief financial officer of Canam subsidiary FabSouth, a structural steel maker based in Fort Lauderdale, Fla. The company provided no other details.
Canam Group recorded a net loss of $35.8 million, or 79 cents a share, for the first nine months of the year. Sales for the period are up nearly 22 per cent to $594.7 million from last year’s numbers.
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