News

QuestAir slammed on sales slide

07 August 2008 10:13:00

QuestAir Technologies took a hiding Thursday after sales orders of gas purification equipment for the first nine months of its financial year and the third quarter missed forecasts.

The company, which blamed delays in certain projects that were expected to start earlier, said it would try to bag extra orders during the fourth quarter.

"Although we expect to meet our financial guidance for the year, the lower than expected level of sales orders will make it difficult for us to meet our goal of growing our industrial hydrogen business in fiscal 2008," said President and CEO Jonathan Wilkinson.

"Our objective to increase the number of hydrogen system sales is unlikely to be met, as we have not secured as many orders of larger PSAs as we anticipated at the beginning of the year."

The sales backlog at the end of the third quarter ended 30 June of C$14.5m was 9% lower than at the end of the previous three-month period. Third quarter revenue fell 25% to C$2.7m.

That news offset news of a 38% decrease in third quarter net losses to C$1.58m and a 36% drop in nine-month losses to C$6.03m.

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