Avcorp Industries Inc. (TSX: AVP) has announced its financial results for the quarter ended September 30, 2017, the company said.
All amounts are in Canadian currency unless otherwise stated.
For the quarter ending September 30, 2017, the Avcorp Group recorded losses from operations totaling CAD 6,644,000 from CAD 36,267,000 revenue, which include costs incurred on start-up of new programs, as compared to CAD 12,060,000 operating losses from CAD 47,349,000 revenue for the same quarter in the previous year.
During the third quarter 2017 the company was successful in significantly reducing operating losses by CAD 5,416,000 relative to the third quarter 2016. Turn around activities focused on cost reduction initiatives as well as operational process flow improvements contributing to the financial improvement.
The Avcorp Group designs and builds major airframe structures for some of the world´s aircraft companies, including BAE Systems, Boeing, Bombardier, Lockheed Martin and Subaru Corporation (formerly Fuji Heavy Industries Inc.). The Avcorp Group has more than 50 years of experience, over 740 skilled employees and 636,000 square feet of facilities.