Atlas Engineered Products Ltd (TSE:AEP) has released an update.
Atlas Engineered Products Ltd. has reported a decrease in Q1 2024 revenue to $9.12 million from $9.63 million the previous year, alongside a drop in gross margin to 16%, amidst a challenging construction market with higher interest rates and reduced housing demand. The company faced a net loss of $993,436 due to lower sales and higher competition, but remains optimistic about growth prospects and automation initiatives. Despite the current downturn, the company does not view the increased interest rates as a long-term barrier, expecting market stabilization and a structural housing shortage to drive future sales.
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