August 9, 2012 / 10:59 AM / 5 years ago

Cascades profit slumps on lower sales in Europe

(Reuters) - Packaging and paper products company Cascades Inc’s (CAS.TO) second-quarter profit fell on lower sales in Europe and currency exchange rate losses.

Net earnings dropped to C$7 million ($7 million), or 8 Canadian cents per share, from C$122 million, or C$1.26 per share, a year earlier.

    Sales for the company, which produces packaging and tissue products mostly from recycled fibers and pulp, fell 5 percent to C$944 million.

    Cascades, which competes with Packaging Corp of America (PKG.N), Rock-Tenn Co RKT.N and Temple-Inland Inc TIN.N, said sales in its European boxboard segment fell 19 percent to C$208 million.

    Shares of Kingsey Falls, Quebec-based Cascades closed at C$5.14 on Wednesday on the Toronto Stock Exchange.

    Reporting by Krithika Krishnamurthy in Bangalore; Editing by Maju Samuel

    0 : 0
    • narrow-browser-and-phone
    • medium-browser-and-portrait-tablet
    • landscape-tablet
    • medium-wide-browser
    • wide-browser-and-larger
    • medium-browser-and-landscape-tablet
    • medium-wide-browser-and-larger
    • above-phone
    • portrait-tablet-and-above
    • above-portrait-tablet
    • landscape-tablet-and-above
    • landscape-tablet-and-medium-wide-browser
    • portrait-tablet-and-below
    • landscape-tablet-and-below