May 7, 2009 / 5:14 PM / 8 years ago

UPDATE 1-CCL Industries Q1 profit falls 39 pct

2 Min Read

* Q1 EPS C$0.51 vs. C$0.82 last year

* Revenue up 6 pct to C$314.1 mln

* Sets qtrly div of C$0.15

May 7 (Reuters) - Label and package maker CCL Industries Inc's (CCLb.TO) quarterly profit declined 39 percent, hurt by weakness at its container division and higher net interest expense.

"The Container Division's sales were down by 17 percent excluding currency translation and divestitures, with many high end personal care brands in the United States experiencing very soft demand in the current environment," the company said.

For the first quarter, the company reported net earnings of C$16.8 million ($14.40 million), or 51 Canadian cents per class B share, down from C$27.5 million, or 82 Canadian cents per class B share, in the prior-year quarter.

Excluding certain items, adjusted basic earnings per class B share dropped 30 percent to 56 Canadian cents.

Sales rose 6 percent to C$314.1 million, mainly due to foreign currency fluctuations. Net interest expense nearly doubled to C$8.2 million.

The container division posted an operating loss of C$0.3 million, compared with an operating income of C$5.4 million a year earlier.

The company said it declared a quarterly dividend of 15 Canadian cents on Class B non-voting shares payable on June 30 to shareholders of record on June 16.

CCL Industries class B shares were up 10 Canadian cent at C$25.60 Thursday afternoon on the Toronto Stock Exchange. ($1=1.167 Canadian Dollar) (Reporting by R. Manikandan in Bangalore; Editing by Deepak Kannan)

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