August 14, 2008 / 12:09 PM / 10 years ago

UPDATE 1-Intertape records profit on price increases

(In U.S. dollars)

TORONTO, Aug 14 (Reuters) - Intertape Polymer Group Inc (ITP.TO) said on Thursday it recorded a quarterly profit, compared with a loss a year ago, as higher product pricing helped offset higher raw materials and energy prices.

The manufacturer of specialized packaging products said it earned $4.6 million, or 8 cents a share, in the second quarter, compared with a loss of $8.1 million, or 20 cents per share, in the same period a year ago.

The Montreal-based company said resin-based raw material prices have increased the cost of the goods it sold by about $6.2 million since the start of the year, and higher prices for oil and natural gas cost the company around $2.8 million.

It recovered most of those increases through higher selling prices for its tape and engineered coated products. Sales rose 5.6 percent to $197.5 million, from $184.5 million in the year-ago period. ($1=$1.06 Canadian) (Reporting by John McCrank; editing by Janet Guttsman)

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