TORONTO (Reuters) - Cascades Inc (CAS.TO) said on Wednesday it returned to profitability in the fourth-quarter helped by an acquisition and higher prices for packaging and paper products.
The packaging and paper products company earned C$12 million, or 12 Canadian cents a share for the period ended December 31, compared with a loss of C$46 million, or 56 Canadian cents a share in the same quarter a year earlier.
When excluding specific items, the company reported a profit of C$1 million, or 1 Canadian cent a share, down from C$13 million, or 16 Canadian cents a share for the 2006 quarter.
Analysts were expecting an average of 2 Canadian cents a share.
Sales for the quarter were C$937 million, up from C$843 million for the same time in 2006.
The company said it benefited from the acquisition of the remaining 50 percent of packaging company Norampac and higher prices. This offset higher recycled fiber and pulp costs as well as the appreciation of the Canadian dollar.
Reporting by Scott Anderson; Editing by Renato Andrade