November 7, 2008 / 11:59 AM / 10 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

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