NAV Canada revenue down 2.7% in 1QFY2011

NAV Canada revenue down 2.7% - financial highlights for the three months ended 30-Nov-2010:

• Revenue*: USD289.1 million, -2.7% year-on-year;
• Operating costs: USD230.9 million, -4.9%;
• Other costs: USD61.2 million, +1.6%;
• Profit (loss): (USD2.0 million), compared with a loss of USD5.9 million in p-c-p;
• Retained earnings at the end of period: USD25.7 million, +18.2%;
• Total assets: USD3383 million, +0.7%;
• Total liabilities: USD3358 million, +0.8%. [more]

*Based on the conversion rate at USD1 = CAD1.01355

NAV Canada: "Looking ahead, we can see reasons for optimism, but it must be cautious optimism. Although the global economic recovery is beginning to pick up, there is still continued economic uncertainty in areas such as Europe and the US. We intend to maintain our focus on safety, service and cost effectiveness, delivering value to our customers whatever the economic conditions may be," John Crichton, President and CEO. Source: NAV Canada, 12-Jan-2011.