Winpak Q3 profit rises

Thu Oct 20, 2011 3:09pm EDT
 
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(Reuters) - Canada's Winpak Ltd (WPK.TO: Quote) posted a higher third-quarter profit helped by demand for its condiment and specialty beverage packaging products.

The packaging materials maker's July-September profit rose to $14.6 million, or 22 cents a share, from $13.5 million, or 20 cents a share, a year ago.

Revenue rose 17 percent to $170.7 million.

"Shipments were especially robust in rigid packaging, where volumes rose by over 30 percent due to demand in condiment and specialty beverage products," the company said in a statement.

Sales volumes expanded 10 percent.

Winpak plans to spend $60 million in 2011, which is lower than originally planned due to delays in the timing of various projects, it said.

Shares of the company were trading up 1 Canadian cent at C$11.25, recovering its earlier losses, on Thursday afternoon on the Toronto Stock Exchange.

(Reporting by Aftab Ahmed in Bangalore; Editing by Don Sebastian)