This is a truly international story, how a Canadian company with Chinese connections presented a bottom line worthy of celebration.
Toronto-based CF Energy Corp. (TSX-Venture:CFY), an energy provider in the People’s Republic of China, revealed financial results for the nine-month period ended September 30, 2019.
Revenue from continuing operations for 3Q 2019 was RMB316.6 million (the equivalent of approximately $61.4 million), an increase of RMB26.0 million ($3.9 million), or 9%, from RMB290.6 million ($57.5 million).
Gross profit for 3Q 2019 was RMB124.0 million (approx. $24.0 million), an increase of RMB4.4 million ($0.3 million) or 4% from RMB119.6 million (around $23.7 million) for 3Q 2018. Gross profit margin for 3Q 2019 was 39.2%, a decrease of 2 percentage points from 41.2% for 3Q 2018.
EBITDA from continuing operations on a comparable basis for 3Q 2019 was RMB64.9 million (around $12.6 million), an increase of RMB28.8 million (about $5.5 million), or 80%, after excluding the 3Q 2018 One-off Gain from RMB36.1 million (approx. $7.1 million) for 3Q 2018.
Volume was a tad light, given the relaxed atmosphere inspired by U.S. Thanksgiving, at just over 7,000, but the price went skyward as the clock approached noon ET on Thursday, eight cents, or 13.1%, to 69 cents.