Mortgage Lending News: ADF Group’s (TSX:DRX) Q2 profit decreases seven per cent to $774,000

VANCOUVER, BC (September 7, 2011) Dominion Lending Centres Clearlease Reports Quebec-based steel fabricator ADF Group Inc. (TSX:DRX) said September 7, 2011 its net income decreased seven per cent to $774,000 in the second quarter as revenues remained stable.

ADF earned two cents per share for the period ended July 31, the same amount as in the prior year when its profit was $833,000, the company announced Wednesday.

Revenue increased slightly to $13.1 million from just under $13 million, despite an appreciation of the Canadian dollar against the U.S. dollar.

ADF Group’s order backlog stood at $53 million.

Chairman and CEO Jean Paschini said economic conditions in the U.S. are still a concern, but the company’s current projects, including restoration of New York’s World Trade Center, will generate profits over the next quarters.

He said the company will focus in the near term on development efforts in Canada, where the economic outlook is more favourable. Of particular interest are public and industrial segments in Eastern Canada, including in Quebec.

ADF Group added its fabrication plant joint venture in Manitoba is proceeding as planned and should be operational in 2012.

The company designs and engineers connections, fabrication and installation of complex steel structures for the non-residential construction industry.

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