May 11, 2010 / 10:04 PM / 8 years ago

UPDATE 1-Fortress Paper profit drops 95 pct on forex loss

* Q1 EPS C$0.02/shr vs C$0.35/shr last year

* Q1 adj share C$0.30

May 11 (Reuters) - Canada’s Fortress Paper Ltd FTP.TO posted a 95 percent drop in quarterly profit hurt by a foreign exchange loss.

For the first quarter, the producer of security and speciality papers, posted a net income of C$179,000, or 2 Canadian cents a share. That compares with C$3.6 million, or 35 Canadian cents a share last year.

On an adjusted basis, it earned 30 Canadian cents a share.

Included in the company’s results was a C$2.4 million foreign exchange loss. In the year-ago period, the company reported a C$1.1 million foreign exchange gain.

Analysts on average expected earnings of 30 Canadian cents a share, according to Thomson Reuters I/B/E/S.

Shares of the British Columbia-based company closed at C$23.10 Tuesday on the Toronto Stock Exchange. (Reporting by Isheeta Sanghi in Bangalore; Editing by Roshni Menon)

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