Cascades posts profit on lower costs
(Reuters) - Packaging and paper products company Cascades Inc (CAS.TO: Quote) reported a first-quarter profit on lower costs for recycled fiber and a strong performance by its European boxboard segment.
Cascades earned C$6 million, or 6 Canadian cents per share, compared with a loss of C$8 million, or 8 Canadian cents per share, a year ago.
Sales for the company, which produces packaging and tissue products composed mainly of recycled fibers and pulp, rose 15 percent to C$891 million on higher selling prices.
Cascades, which competes with Packaging Corp of America (PKG.N: Quote), Rock-Tenn Co RKT.N and Temple-Inland Inc TIN.N, said sales at its European boxboard segment more than tripled to C$204 million.
Shares of Kingsey Falls, Quebec-based Cascades closed at C$4.23 on Wednesday on the Toronto Stock Exchange.
(Reporting by Maneesha Tiwari in Bangalore; Editing by Sriraj Kalluvila)
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