Com Dev International Ltd. (TSX:CDV) says the stronger U.S. dollar had a negative effect on its first-quarter profit but helped its revenue.
The Ontario-based satellite hardware developer’s net income dropped to $1.8-million in the three months ended Jan. 31 – down nearly 55 per cent from $4.1-million in the first quarter of fiscal 2013.
Com Dev says the stronger U.S. dollar resulted in a $1.5-million foreign exchange loss during the quarter – mainly due to the reduced market value of its currency hedges.
Com Dev’s first-quarter revenue was down one per cent or $500,000 from a year ago at $51.8-million, but the company says the currency fluctuation provided a positive impact on revenue and margins.
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