August 9, 2012 / 10:53 AM / 5 years ago

Cascades profit slumps on lower sales in Europe

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.

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