Canaf Group Inc
Symbol C : CAF
Shares Issued 47,426,195
Close 2014-03-07 C$ 0.075
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Canaf Group earns $160,000 (U.S.) in fiscal Q1 2014


2014-03-14 10:58 ET - News Release


Mr. Christopher Way reports

CANAF ANNOUNCES FINANCIAL RESULTS FOR YEAR ENDED 31 JANUARY 2014

Canaf Group Inc. has released its financial statements, and management discussion and analysis for the three months ended Jan. 31, 2014.

Revenue for the three-month period revenue increased 7% to $3,254,723 from $3,031,276 for the same quarter the previous year. Net Profit After Tax and Non-Recurring items decreased to $0.16 million (2013, a profit of $0.17 million). During the quarter the South African Rand again saw its value depreciate against the USD.

During the quarter, the Company agreed terms to supply trial loads to two new customers, one of which was dispatched in March 2014. The outcome from the trials should be known by the end of April 2014, and the Company is hopeful that it will further expand its customer base, subsequently reducing its dependence on existing customers.

The Company can also confirm that the blast furnace reline works scheduled for ArcelorMittal's Newcastle facility have been approved. Work will commence in May 2014 and last for approximately 4 months. The Company is confident that any sales lost due to the shutdown will be re-allocated, either to existing or new customers. The Company sees the investment at ArcelorMittal's Newcastle facility as positive investment and expects the long- term demand for its product to increase above existing levels once the facility has been re-commissioned in September 2014.