Avcorp reports Q2 2016 revenues of 44m

Avcorp Industries Inc. (TSX: AVP) has reported revenues of USD44, 246,000 in the second quarter ended June 30, 2016, compared to USD20,369,000 revenue for the same quarter in the previous year, the company said.

The company said the December 18, 2015 acquisition of the US based composite Aerostructures division of Hitco, a subsidiary of Frankfurt-listed SGL has added USD22,595,000 to current quarter revenues.

During the quarter ended June 30, 2016, the Avcorp Group recorded a loss from operations of USD12,781,000, which includes costs incurred and yet to be recovered under the Hitco acquisition agreement, as compared to a USD1,125,000 operating loss on USD20,369,000 revenue for the same quarter in the previous year; and net loss for the current quarter of USD12,951,000 which include costs incurred yet to be recovered under the Hitco acquisition agreement as compared to net loss of USD1,135,000 for the quarter ended June 30, 2015.

The Avcorp Group designs and builds major airframe structures for aircraft companies, including BAE Systems, Boeing, Bombardier, Fuji Heavy Industries and Lockheed Martin.