CANADA: SunOpta earnings down despite sales jump
Canada-based organic foods producer SunOpta saw earnings fall for the first nine months of 2008, despite a rise in sales.
Earnings reached C$6.1m (US$5.2m) compared to C$7.5m for the first nine months of 2007. The results include professional and related fees and severance costs of C$7.6m related to SunOpta's investigation and related activities into the write-down at the company's berry operations.
For the period to 30 September, revenue reached C$810.1m versus $592.6m for the same period in 2007, driven by the acquisition of The Organic Corporation in April.
Operating income for the nine months reached C$20.3m compared to C$16.6m for the same period last year.
Despite this, pre-tax profit dipped 3.8% to C$9.8m from C$10.2m in the previous year.
Meanwhile, revenue for the third quarter of 2008 increased by 41.2% to C$287.7m compared to C$203.8m in fiscal 2007.
Operating income was C$9.4m versus C$5.8m in 2007, an increase of 64%.
Canada-based organic foods producer SunOpta posted a 31.5% increase in full-year revenue today (6 March) despite a "challenging" year....
SunOpta has appointed Eric Davis to the position of vice president and CFO, effective 16 March....
Canadian natural and organics group SunOpta warned today (20 February) that its 2008 earnings would miss an earlier forecast, due in part to falling commodity prices in the fourth quarter....
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