Revenue at Avcorp Industries fell -9.8 per cent year-on-year in the third quarter of 2020, to C$33,769,000.
The decrease was attributed to lower deliveries caused by lower customer requirements due to Covid-19 and the grounding of the 737 MAX.
The company reported a net loss of C$1,263,000, compared to C$7,511,000 in the same period of 2019. The improvement was attributed to higher gross profit, savings in administrative and general expenses and the receipts of government support.
Avcorp Group designs and builds major airframe structures. Its Structures & Integration unit is dedicated to metallic and composite aerostructures assembly and integration. Its third quarter revenue totalled C$19,120,000, compared to C$18,160,000 in 2019.
Avcorp Engineered Composites designs and manufactures composite aerostructures. The unit reported a -35.39 per cent year-on-year drop in revenue, to C$3,308,000.
Composite Fabrication has advanced composite aerostructures fabrication capabilities for composite aerostructures. It reported a -19.89 per cent fall in revenue to C$11,341,000.
Subsidiary Comtek Advanced Structures provides aircraft structural component repair services for commercial aircraft. It suffered a -35 per cent revenue decrease in the third quarter of 2020, due primarily to Covid-19.
Assessing the outlook, Avcorp commented: “Covid-19 has impacted the commercial aircraft programmes the greatest. OEMs have issued reduced build rates and some of the company’s largest customers have shut down operations for periods of time pushing out delivery schedules. There is significant uncertainty on the length and severity of the impact of Covid-19 on the global economy and the company.”