Canadian Equipment Rental Fund, a Calgary, Alberta-based rental company, reported a second-quarter loss of CA $596,667 (about U.S. $561,000), compared with a $33,680 profit in last year’s second quarter. The company said a warm, wet spring that reduced the demand for winter equipment was a contributing factor. Revenue was CA$2.87 million (about U.S. $2.73 million), a 3-percent decline compared to last year’s second-quarter revenue of CA$2.96.
“We are still seeing indications of an economic recovery that cause us to believe that 2010 will be a better year for the partnership,” said president and CEO Wayne Wadley. “The second quarter of 2010 was hampered by a warm and wet spring, which reduced the demand for winter equipment and put many construction projects on hold as it was too wet to continue.”
Wadley added that some projects have been put on hold because of tightening credit conditions exacerbated by the European economic crisis.
“With those events behind us we are looking to the last half of the year with optimism,” said Wadley.