CanWel holds steady in Q2

VANCOUVER — CanWel’s Q2 revenues were little changed from last year at $224.5 million, compared to $225.9 million. The slight drop was mainly attributed to market conditions. Gross margin amounted to $26.8 million, compared to $27.7 million during the corresponding period in 2014. Gross margin percentage was slightly lower at 11.9% of revenues versus 12.2% during the same period in 2014. The slight decrease in gross margin percentage was mainly due to a change within the company’s sales mix as well as the impact of the Canadian dollar’s decline, resulting in an increase in the cost of sales. Net income amounted to $6.1 million during the quarter, compared to $6.9 million last year.