AIR conditioning company CAC 2000 posted a net loss of $9 million for the third quarter ended July 31; however, Chairman and CEO Steven Marston said that the company expects to deliver results reflecting growth in its final quarter.

The loss compares to net profit of $31 million earned in the same quarter in 2015. A fall in revenue to $197 million during the period ($259 million: 2015) was attributed to delays in the sign-off on the final accounts for Braco, among other factors.

The Braco project is a $3- billion upgrade of a 225-room resort property in Trelawny, owned by the National Insurance Fund and run by Spanish chain Melia. Marston said in notes attached to the quarter’s report that the shortfall should be rectified in the final quarter.

For the nine months ended July 31, the company made total comprehensive income of $39.28 million, when compared to $71 million in 2015.

Revenue for the nine months was flat at $678.83 million compared with $674.33 million last year. CAC is an engineering company specialising in applied air conditioning systems.

The company has seen an increase in demand for its services since listing on the Jamaica Stock Exchange at the start of 2016.

Increased demand has cost the company, which has also suffered delays in equipment delivery, Marston noted. A jump in summer (heat-related jobs) also affected working capital requirements.

“Billing and gross profit was less than expected due to unforeseen delays in shipment of key equipment and the incomplete sign-off of the Braco final accounts,” Marston stated.

“These types of delays are normal for the construction sector and the revenues have simply shifted back a quarter.” Marston said the company expected to start the new financial year with over $350 million in new jobs.

The company ended the third quarter with $147.35 million in cash, compared to $51 million held at the similar period in 2015. It also improved assets to $771.97 million, when compared with$562.12 million last year.