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Elevator maker Symax Lift sees six-fold increase in Q3 earnings; stock soars

By The Canadian Press  | November 21, 2011
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TORONTO - Elevator manufacturer Symax Lift Holding Co. Ltd. (TSXV:SYL) reported a six-fold increase in the third-quarter net profit Monday and its shares soared almost 30 per cent.

The Toronto-headquartered company, which has a manufacturing base in China, said it earned $603,000 in the three months ended Sept. 30, compared with $95,000 in the same year-earlier period.

Revenue in the three months ended Sept. 30 was $9.2 million, up 74 per cent from the same year-earlier period.

Symax said the increase was primarily driven by the continued benefits of a standardized elevator model that is specially suited to Chinese government funded housing development projects and Chinese Tier 2 and 3 city development projects.

Symax shares were up 4.5 cents, or just over 29 per cent at 20 cents Monday morning on the TSX Venture Exchange.

Symax develops, manufactures and services elevators for markets in China and worldwide. Products include passenger elevators, goods and freight elevators, panorama elevators and residential and commercial escalators and moving walkways.

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