BUSINESS
06/28/2011 08:33 EDT | Updated 08/28/2011 05:12 EDT

GBO, Quebec Window And Door Maker, Reports $4.6M Loss

THE CANADIAN PRESS -- STE-MARIE DE BEAUCE, Que. - GBO Inc. (TSXV:GBO), a Quebec-based maker of windows and doors, reported a net loss of $4.6 million for its latest fiscal year on a big drop in revenues.

The company said late Tuesday it lost 20 cents a share for the year ended Fen. 28. That compared with a net profit of $0.7 million or two cents in the previous fiscal year.

The company's Bonneville windows and doors division saw sales fall nearly 37 per cent to $18.9 million from $29.8 million.

For the fourth quarter, GBO's net loss widened to $1.9 million from $1.4 million.

"Over the course of the last quarters, traditional markets of Quebec and Ontario have been hit by an economic slowdown," the company said in a release after stock markets closed.

"While this slowdown has hit much later than the one in the United States, a major recovery is not expected any time soon. However, contracts for residential complexes in Ontario may help reverse the expected trend. Sales efforts, particularly in the United States, have been intense and the sales volumes from the last months have clearly reflected this."