November 7, 2008 / 11:59 AM / 9 years ago

UPDATE 1-Cascades posts Q3 loss

* Q3 loss C$0.07 vs. profit of C$0.16

* Adj profit C$0.06 vs. C$0.02 expected

* sales up 5.6 pct

Nov 7 (Reuters) - Packaging and paper products company Cascades Inc (CAS.TO) swung to a quarterly loss, hurt by facility closures, restructuring costs and unrealized losses on financial instruments.

Third quarter net loss was C$7 million ($5.84 million), or 7 Canadian cents a share, compared with net earnings of C$16 million, or 16 Canadian cents a share, for the prior year period.

Excluding C$4 million of costs and C$13 million in unrealized losses, the company’s adjusted profit was C$6 million, or 6 Canadian cents a share.

    Analysts on average expected the company to earn 2 Canadian cents a share, according to Reuters Estimates.

    Sales increased 5.6 percent to C$1,039 million helped by higher prices.

    Cascades said it is cautiously optimistic about the near future as it expects to benefit from a decrease in recycled paper prices, drop in energy costs, and the recent depreciation of the Canadian dollar.

    $1=1.198 Canadian Dollar Reporting by Krishna Chaithanya in Bangalore; Editing by Anil D'Silva

    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