Q3 FINANCIALS - CAF RETURNS TO PROFITCanaf announces financial results for Q3 ended 31 July 2016
September 27, 2016, Vancouver, British Columbia - Canaf Group Inc. (TSXV: CAF), ("Canaf") the Canada-registered mining related group, is pleased to announce the release of its Financial Statements, and Management Discussion and Analysis for the 3-month period ended July 31, 2016.
The financial results for the last quarter ended 31 July 2016 reflect the Corporation returning to a profitable position for the period. Sales increased 49% to $1,126,582 and a net income of $19,945 was recorded, in comparison to a loss of $41,382 the previous quarter.
During the quarter, the Corporation’s wholly owned South African subsidiary, Quantum Screening and Crushing (Pty) Ltd., experienced a 52% increase in tonnes of product sold, in comparison to the previous quarter, primarily due to the return of demand from a main customer who had been on a shutdown since October 2015. The fourth quarter for the year is expected to reflect a further increase of sales.
During the quarter, the new efficient processing facility continued to operate successfully and produce saleable product, with significantly reduced operating costs.