— Calgary-based builder Carlson Group Ltd.
has found $1,700,000 in surplus from its building materials business, with an additional $2,000,000 coming from its warehouse, company officials said Friday.
The surplus is due to a number of factors, including increased interest rates, higher commodity prices and lower sales volumes in the last two years, said Steve Carlson, CEO of Carlson.
The company’s business has grown by 8 per cent since 2015, while it’s operating at an annual loss, Carlson said.
It’s been on a year-over-year basis of a net loss, he said.
The firm said the surplus was used to cover the costs of the acquisition of its building material business, including $1 million in debt financing.
The Calgary-area building materials company is currently in discussions with Calgary-Dominion Bank to extend its current two-year lease, which expires in March 2021.
The company is looking to purchase another 10 per cent of the Calgary-Ontario-Gulf Coast-Pacific region’s building materials supply chain for $1 billion, said Carlson.
Carlson Group has about 40,000 employees worldwide and has operations in Calgary, Edmonton, B.C., Winnipeg and the United States.