SHERBROOKE, QUE – Shermag Inc. reported its results for the second quarter and first half, ended Sept. 28. According to Canada Newswire, consolidated gross revenue for the second quarter totaled $28.3 million, which was down 40% from consolidated sales of $47.4 million during the same period last year. Net revenue was $26.6 million, also a 40% reduction from the last year. Net loss for the quarter was $3.9 million, compared to a net loss of $1.14 million during the first quarter last year.

For the first half of the year, the company posted consolidated gross revenue of $60.7 million, which is down from the $95.1 million for the first six months of last year. Net revenue was $57.2 million, down 35% from last year’s $88.5 million. The net loss for the first six months was $7.9 million, compared to last year’s net loss of $5.7 million. Read more.