WesternOne Equity Income Fund posted a 2.6-percent revenue increase, with CA$24.2 million (about U.S. $23.3 million) in second-quarter revenue, compared with $23.6 million for the same period in 2009. Gross profit increased from CA$15.6 million in Q209 to $16 million this year, although EBITDA dropped from $7.6 million in 2009’s second quarter to CA$6.2 million this year.
“We experienced year-over-year growth in revenue thanks to the acquisition of On*Site Equipment in April and a robust residential construction sector in southern Alberta,” said WesternOne CEO Darren Latoski. “Such growth, however, was offset by a drop in revenue in our BC operations due to downward rental rate pressure. With a pickup in construction activity in western Canada, we are seeing signs of recovery in the physical utilization of our fleet. The resulting higher demand would gradually translate to an increase in rental rates and therefore strengthen our profitability. Our management team is making significant progress in integrating On*Site into our existing network of operations.”
Based in Vancouver, B.C., Canada, WesternOne Equity Income Fund is No. 73 on the RER 100.