Costs associated with its acquisition of US soft drinks firm Apple & Eve have dented Lassonde Industries‘ third-quarter earnings, despite higher sales in the period.
The Canadian food and beverage group booked operating profit of C$19.98m (US$17.6m) in the three months to 27 September, down from C$22.2m in the prior-year period. Net profit slipped to $10.6m from $11.2m, the company revealed.
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Lassonde Industries attributed the profit drop to charges incurred to acquire a 90% stake in juice maker Apple & Eve. “We are satisfied with the progress made in integrating our new subsidiary,” chairman and CEO Pierre-Paul Lassonde added.
Sales increased to C$314.9m, up 22.3% from $257.6m. Apple & Eve contributed C$38.8m to top-line growth.
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