By Glenn Johnson
Shares in ADF Group Inc. jumped Thursday on news it nearly quadrupled its second-quarter profits.
At 9:52 a.m. ET, the Toronto-listed shares were up 16% at 1.79 Canadian dollars ($1.36). Shares are up about 11% this year.
ADF Group's net income rose to C$5.4 million, or C$0.17 a share, for the three months ended July 31, from a profit of C$1.5 million, or C$0.05 a share, in the same period a year ago. The company benefited from the forgiveness of a C$1.3 million loan issued to a U.S. affiliate, as part of a U.S. government program in response to Covid-19.
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