Aug 9 (Reuters) - Packaging and paper products company Cascades Inc’s second-quarter profit fell on lower sales in Europe and currency exchange rate losses.
Net earnings dropped to C$7 million ($7 million), or 8 Canadian cents per share, from C$122 million, or C$1.26 per share, a year earlier.
Sales for the company, which produces packaging and tissue products mostly from recycled fibres and pulp, fell 5 percent to C$944 million.
Cascades, which competes with Packaging Corp of America , Rock-Tenn Co and Temple-Inland Inc, said sales in its European boxboard segment fell 19 percent to C$208 million.
Shares of Kingsey Falls, Quebec-based Cascades closed at C$5.14 on Wednesday on the Toronto Stock Exchange.