Business
Urban Infrastructure Group Inc. Reports Financial Results for the 2025 Fiscal First Quarter
Highlights: Master Plan Residential Development market conditions showing signs of improvem...
About this update from Urban Infrastructure Group Inc.
[{"type":"text","content":"Urban Infrastructure Group Inc. Reports Financial Results for the 2025 Fiscal First QuarterHighlights:Master Plan Residential Development market conditions showing signs of improvementUIG Increases revenues on a quarter-over-quarter basis for the second consecutive quarter Management's sales efforts translated to an 84% revenue increase from Q3/F2024 to Q4/F2024 and increased again from Q4/F2024 to Q1/F2025 by 15%.UIG's ~$27M bid pipeline and ~$8.3M in current awarded contracts is an optimistic indicator Toronto, Ontario--(Newsfile Corp. - February 28, 2025) - Urban Infrastructure Group Inc. (TSXV: UIG), a leading stage-one concrete and drainage infrastructure construction group, specializing in large scale new residential housing developments, announces its financial results for the First Quarter ended December 31st, 2024. All financial information is provided in Canadian dollars unless otherwise indicated. The Consolidated Financial Statements and Management Discussion and Analysis (\"MD&A\") for the three months ended December 31, 2024, are available on the Company's SEDAR profile at www.sedarplus.ca. Ungad Chadda, CEO of UIG stated, \"Urban continues to execute on its core business, further increasing our focus and efforts on sales, customer relationships and new business development. We are very confident about our future prospects, both organic and inorganic, and remain laser focussed on costs, cash and working capital management. With ~$8.3M in current awarded contracts as of Q1 2025, the team is optimistic and firmly of the view of \"when and not if\" the low rise residential new construction activity resumes in earnest.\"Management Commentary on the First Quarter of Fiscal 2025The Company recorded a net loss of $289,648 for the three-month period ended December 31, 2024 as compared to net income of $559,707 for the three-month period ended December 31, 2023. The loss in the December 2024 quarter is mostly the result of decreased revenue in the quarter as compared to the quarters in 2023.While December 2024 revenues are reduced as compared with the prior year period, revenues for the three-month period ended December 31, 2024 represented an increase on a successive quarterly basis (to $1,401,963 compared to $1,217,118 In the September 30, 2024 quarter and $661,984 for the three-month period ended June 30, 2024, as th...