Canadian food group SunOpta has seen first-quarter profits soar by over 32% thanks to strong growth from its natural and organic foods unit.
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SunOpta posted operating income of just under US$8m, jumping from US$6m a year earlier. The rise in group earnings came on the back of healthy profits from SunOpta’s food business, which saw underlying profits rise 33%.
President and CEO Steve Bromley said yesterday (8 May) he was “very pleased” with the results. He added: “We are confident that there is ample opportunity to drive bottom line growth and we have implemented a number of operational improvements and cost cutting initiatives which are expected to improve margins.”
Strong growth in packaged soymilk, rising revenue from its domestic food distribution business and increased frozen fruits sales were behind the company’s robust performance, SunOpta said.
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