The listed trust behind Canadian meat processor Specialty Foods Group (SFG) has booked mixed first-quarter earnings amid price increases and higher sales volumes.
Specialty Foods Group Income Fund, which holds an indirect stake in SFG, booked underlying operating income of C$5.7m (US$5m) for the three months to 28 March – compared to C$3.5m a year earlier.
Underlying EBITDA reached C$7.4m, against C$4.9m a year ago.
“This increase was due to both a C$0.08 per pound increase in average selling price, and an increase in sales volume of 0.9m pounds compared with the first quarter of 2008,” the fund said.
Net income, however, stood at C$2m in comparison to C$11.6m when the fund benefited from income from subsequently discontinued operations.
SFG sells franks, hams, bacon, luncheon meats, and delicatessen meats to the retail and foodservice sectors.
The company’s brands include Nathan’s, Field, Fischer’s, Mickelberry’s, and Scott Petersen as well as on a private-label basis.
