Cascades posts Q3 loss on restructuring costs

Thu Nov 10, 2011 7:04am EST
 
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(Reuters) - Packaging and paper products company Cascades Inc CAS.TO posted a third-quarter loss, hurt mainly by restructuring costs.

For the July-September quarter, Cascades reported a net loss of C$19 million, or 20 Canadian cents a share, compared with a profit of C$24 million, or 25 Canadian cents a share, a year ago.

Sales for the company, which produces packaging and tissue products composed mainly of recycled fibers and pulp, rose 14 percent to C$947 million, helped by higher selling prices.

Excluding items, the Kingsey Falls, Quebec-based company posted a loss of 5 Canadian cents a share.

The company took a C$14 million charge related to restructuring. (Reporting by Maneesha Tiwari in Bangalore; Editing by Sriraj Kalluvila)