Business

Perma-Pipe International earnings slowed by pandemic

Posted September 08, 2020 11:00 pm

NILES - Perma-Pipe International Holdings Inc. said Wednesday its second quarter revenue was $20.4 million, $16.3 million below the same quarter last year, and net income was $300,000 compared to $3.7 million in the same quarter of 2019, largely because of the COVID-19 pandemic.

"Governmental actions that included lock downs and stay at home orders had a significant impact on the construction industry and caused delays to many of the projects we expected to perform this year," said President and CEO David Mansfield. Oil and gas price declines also had a significant negative impact on the oil and gas industry, leading to the postponement of many projects, he said.

"Although we have seen significant delays to projects, to date there have been few cancellations and the delayed projects are expected to resume," Mansfield said.

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