Petrowest annual net loss decreases

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12 April 2016, Oil, Gas

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Revenue for the fourth quarter ended December 31, 2015 was C$40.34 million, compared to C$63.12 million for the same quarter ended December 31, 2014.

Net loss and comprehensive loss for the year ended December 31, 2015 was C$20.67 million, or C$0.12 loss per common share, compared to a net loss and comprehensive loss of C$5.15 million, or C$0.03 loss per common share, for the year ended December 31, 2014.

Revenue for the year ended December 31, 2015 was C$186.35 million, compared to C$269.33 million for the year ended December 31, 2014.

Rick Quigley, CEO, said: "2015 ended with the culmination of Petrowest's infrastructure development plan, winning BC Hydro's Site C Clean Energy Project ("Site C") main civil works contract. This contract provides Petrowest with a strong, long term, revenue base entering 2016 and continuing in 2017 and beyond. In addition, 2016 will be an exciting year for Petrowest as Western Canada enters an aggressive infrastructure development timeframe, with Petrowest strongly positioned to capture a portion of this development. Since inception, Petrowest has focused on growing firm local working relationships and reputation, resulting in a strong track record in both the infrastructure and energy space. The next chapter of Petrowest's story begins as of December 21, 2015, with the award of the Site C main civil works contract. As a result, Petrowest is set up to have materially increasing Adjusted EBITDA in 2016 with non-energy providing up to approximately 90% of Adjusted EBITDA."

Source: MarketLine

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