March 8, 2012 / 12:22 PM / 6 years ago

Viterra profit falls on weak processing segment

(Reuters) - Viterra VT.TO reported a lower quarterly profit, partly hurt by weak performance at its processing segment.

The company, which is the biggest of several major Canadian grain handlers, said it expects lower contributions from malt operations in 2012 as weak economies in both North America and Europe result in sluggish beer sales in the near term.

First-quarter profit fell 23 percent to C$77.7 million ($77.5 million), or 21 Canadian cents a share.

The company’s revenue rose 52 percent to C$3.56 billion.

Viterra’s processing segment, which contributed C$310.5 million to the total revenue, manufactures and markets food products made from oats, canola, wheat and malt barley.

Excluding North American feed, the segment reported 37 percent lower earnings before interest, taxes, depreciation and amortization (EBITDA) due to weak performance from its pasta and malt operations.

Shares of Viterra closed at C$10.80 on Wednesday on the Toronto Stock Exchange.

($1 = 1.0023 Canadian dollars)

Reporting by Maneesha Tiwari in Bangalore; Editing by Roshni Menon, Maju Samuel

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