Aveda Transportation rolls to loss as oil patch activity evaporates
CALGARY, Alta. — Aveda Transportation and Energy Services posted a Q3 net loss of $20.1 million, as revenues fell 43.3%.
Revenue over the first nine months of 2015 was down 23.9% for Aveda, and the company generated a net loss over this nine-month period of $15.4 million. It reported a profit of $1.8 million over the same nine-month period in 2014.
“The current operating environment is challenging and difficult to navigate. We have successfully implemented various cost reductions which we expect will show in our fourth quarter results,” said David Werklund, executive chairman and interim president and CEO of Aveda. “We are also seeing the benefits of our size and geographic footprint as we are being awarded various new contracts which should allow us to improve our results in 2016.”
To control costs, the company has implemented wage rollbacks, reduced its staff size and closed facilities.
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