Canadian natural and organic food manufacturer SunOpta posted a profit in the third quarter largely due to gains from the sale of its SunOpta Bioprocess unit.
The company yesterday (10 November) reported a US$34.1m net profit for the third quarter, ended 2 October, against a $4.7m net loss in the same period last year.
SunOpta enjoyed a $34.6m net gain from the sale of the SunOpta Bioprocess unit, although that was partially offset by non-cash goodwill and impairment charges of $6.4m after tax.
Steve Bromley, president and CEO of SunOpta, said: “We are very pleased with our third quarter and year to date results which are the result of numerous operational improvement initiatives which have been implemented, combined with the benefit of the disposition of certain of our non-core assets.”
For the quarter, sales were up 2.5% to $217.9m. Operating income increased 96.2% to $10m.
Revenue in its SunOpta Foods division grew 0.9% to $197.5m.
For the company’s full earnings statement click here.
