December 11, 2015 / 11:20 AM / 2 years ago

Ski-Doo snowmobile maker's profit soars on higher seasonal sales

A ski-doo passes by in the finish area of the Alpine Skiing events of the Sochi 2014 Winter Olympic Games in Rosa Khutor February 4, 2014. REUTERS/Leonhard Foeger

(Reuters) - Canada’s BRP Inc (DOO.TO), the maker of Ski-Doo snowmobiles and Sea-Doo watercraft, reported a 76 percent rise in quarterly profit helped by higher sales of seasonal products.

BRP, which has operations and clientele across the Americas and Europe, said quarterly revenue from seasonal products rose 5.1 percent to C$476 million.

The revenue increase was mainly due to a favorable foreign exchange rate variation of C$75 million, the company said.

BRP now expects total company revenue for the fiscal year 2016 to rise 6-9 percent, up from 5-9 percent that the company had earlier expected.

The company’s net profit soared to C$65.5 million ($47.93 million), or 56 Canadian cents per share, in the third quarter ended Oct. 31 from C$37.2 million, or 31 Canadian cents per share, a year earlier.

Valcourt, Quebec-based BRP’s revenue rose 10 percent to C$1.01 billion.

Reporting by Manish Parashar in Bengaluru; Editing by Shounak Dasgupta

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