May 14, 2009 / 6:06 PM / 9 years ago

UPDATE 1-Menu Foods posts Q1 profit, shares jump

* Q1 sales up 51 pct to C$84.1 mln * Shares up 23 pct

May 14 (Reuters) - Canada’s Menu Foods Income Fund MEW_u.TO posted a quarterly profit as sales surged 51 percent, helped by price increases and a stronger U.S. dollar, sending its shares up 23 percent to an 18-month high.

For the first quarter, the pet food maker reported a net profit of C$54,000, or 0.2 Canadian cents a share, compared with a loss of C$2.2 million, or 10.8 Canadian cents a share, a year ago.

Quarterly sales stood at C$84.1 million. Price increases boosted sales by 13.6 percent during the quarter, the company said.

Shares of the Toronto, Ontario-based company jumped 23 percent to C$1.65 Thursday afternoon on the Toronto Stock Exchange. (Reporting by Ashutosh Joshi in Bangalore; Editing by Deepak Kannan)

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