President and CEO Murray Mullen said the Calgary-based company outperformed the previous year until mid-March when demand for its services declined.
He says there has been a sharp drop in demand for consumer discretionary goods as well as in commodity-based industries, but his business of transporting fewer trucks and large pipes is doing well.
Mullen says the company has created a $ 5 million family assistance fund to help staff affected by the recession.
The company reported net earnings of $ 4.7 million or four cents per share on revenues of $ 318 million for the quarter ended March 31.
This is a drop from net income of $ 11.6 million or 11 cents on revenue of $ 320 million in the first quarter of 2019.
“The bottom line is that this health crisis is hurting many people,” Mullen said in a statement.
He added, “We will see a drop in activity, perhaps quite a bit.