Independent equipment finance company Element Financial Corp. (EFN.TO) on Tuesday reported a narrower loss for the first quarter amid a surge in new business volumes.
Net loss for the quarter narrowed to C$261 thousand from C$936 thousand in the prior year. The company reported breakeven per share for the quarter, compared to loss per share of C$0.26 last year.
Financial revenue surged to C$6.49 million from the previous year's C$710 thousand. Interest income represented C$5.5 million of revenues as new business volumes jumped to C$156.6 million from C$16.8 million.
Steven Hudson, Chairman and CEO of Element, said, "The financial results for the three-month-period ended March 31, 2012 reflect the transformation the Company underwent in the previous year and the continuation of our business strategy to expand into new verticals"
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