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

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

(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.

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

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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