Titan Logix Corp. (CVE:TLA), maker of industrial instruments and controls, said Tuesday its fourth quarter profits surged due to higher sales and a tax gain.
Shares of Titan rose 15.63 percent rising to 37 cents each today on Toronto’s TSX-Venture Exchange market.
Revenues rose to $3.4 million in the three months that ended August 31. That compares with $2.21 million seen last year.
Net income spiked to $1.26 million, or five cents per share, compared to a year-earlier profit of $34,898, or nil per share.
The substantial increase in profits reflects higher sales, and a $608,871 income tax recovery in the fourth quarter, versus an income tax expense of $213,892 in the prior year.
Quarterly gross profit bolstered to $1.63 million from $962,087 a year earlier.
Looking to next year, the company said, based on expected on-going high level of exploration for petrol both in Canada and the U.S., it expects its next fiscal year to be positive.
The company plans to increase its downstream revenue, grow its stock price, as well as increase its gross profit.
Operationally, Titan intends to further integrate its business systems and cut down delivery time.
Titan is an industrial instrumentation and controls company specializing in the development and manufacture of fluid management solutions, particularly for "on the road" applications. Titan's products are currently used in the oil and gas, waste collection and aviation industries.