QuestAir Technologies Inc. has reported its unaudited financial and operational results for Q2 2007.
New orders for gas purification equipment during the quarter totaled $2.1 million, including a CAN$0.7 million order from Air Liquide U.S. for a H-3100 PSA system to recover waste hydrogen from a petrochemical plant in Texas.
Revenues totalled CAN$0.9 million for the quarter, and CAN$2.5 million for the half year ended March 31, 2007 (this is down from CAN$3.7 million for the half year in 2006). This decreased due to lower revenue from engineering service contracts and from the prototype H-6200 hydrogen purifier ($quot;prototype plant$quot;) which is being sold to an ExxonMobil refinery in Europe.
As a result of these difficulties the company recorded a a net loss of CAN$4.3 million for the quarter and CAN$6.5 million for the half year ended March 31, 2007. Jonathan Wilkinson, president and CEO of QuestAir, explained the losses saying, $quot;A number of commercial PSAs remain in our sales order backlog at March 31st pending commissioning at customer sites, meaning that our recognized revenue during the quarter was lower than we would have liked.$quot;
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