CANADA: SWP reports Q4 profits of C$5.1m
Saskatchewan Wheat Pool today [Friday] announced a profit for the fourth quarter ended 31 July of C$5.1m (US$3.3m), prior to provisions. This compares to earnings of $9.3m in the fourth quarter of last year, the group said. The Pool sold its interest in an oilseed processor in the fourth quarter and recorded a provision related to staff reductions and country closures. In addition, the company recorded a provision of C$24.6m associated with its joint venture port terminal in Manzanillo, Mexico. Since opening in June of 1999, market conditions have deteriorated and the terminal's performance has not met expectations. As a result, the Pool recorded the provision to reflect the company's best estimate of the impairment of value of its investment and other related costs. After accounting for all one-time items, the net loss for the quarter was $41.1m compared to a net loss of $10.1m last year.
Get full access to all content, just $1 for 30 days
A Message From The Editor
just-food gives you the widest food market coverage.
Paid just-food members have unlimited access to all our exclusive content - including 17 years of archives.
I am so confident you will love complete access to our content that today I can offer you 30 days access for $1.
It’s our best ever membership offer – just for you.
Dean Best, editor of just-food
- Danone's Q1: four things to learn
- Interview: Sir Kensington's on sale to Unilever
- Column: Why snacking is the new meal
- Interview: "Disruptive" snack brand Hippeas
- Nestle Q1 update: four things to learn
- Tyson shops Sara Lee bakery, Kettle and Van's
- Nestle to cut UK confectionery jobs
- Icelandic to sell Saucy Fish Co. owner Seachill
- Tyson to buy burger-to-entree firm AdvancePierre
- TreeHouse Foods sells soup, baby food units