Canadian food and drink group Lassonde Industries has booked an increase in earnings in the third quarter on the back of increased sales.
Net profit totalled US$11.2m in the three months ended 28 September, up $0.8m or 7.7% on the prior year period.
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Operating profit, however, dropped to $55.5m from $56.7m last year, primarily due to charges resulting from production shutdowns while new equipment was installed and to a slight increase in selling and administrative expenses.
Sales edged up 1.6% to $756.7m, driven by a favourable foreign exchange impact partly offset by an unfavourable sales mix and lower private label sales.
“We have been able to achieve a slight increase in sales despite difficult market conditions,” said CEO Pierre-Paul Lassonde. “I am also pleased to report that the indebtedness of [juice arm] Clement Pappas was reduced to $190m as at 28 September.”
Lassonde said it plans on maintaining its business model and management approach for the coming year, and “barring any major external shocks”, the company said it remains “optimistic” about its ability to “slightly increase” its consolidated sales in 2013 compared to 2012.
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By GlobalData
