Canadian Equipment Rental Fund, which does business as 4-Way Equipment Rentals, posted a 27-percent revenue drop in the second quarter, while second-quarter profit plunged 89 percent.
Revenues totaled CA $3 million (about U.S. $2.76 million), down from CA $3.7 million for the same period last year.
The company expressed optimism about the economy, saying that although Alberta’s economy has not returned to the level of activity experienced in late 2007 and early 2008, the company has seen a “steady improvement in activity in all sectors as well as increasingly optimistic growth forecasts. We are expecting the commercial construction market to actually accelerate for many of our customers in 2009 compared to levels experienced in the first half of 2008.”
The company said commercial and infrastructure construction is starting to see the effects of the stimulus spending by the federal and provincial governments, and expects rental revenues to improve in the second half of 2009.
CERF is based in Edmonton, Alberta, Canada.