May 13, 2010 / 3:23 PM / 8 years ago

UPDATE 1-Corby Q3 profit falls, hurt by lower consumer spending

* Sales down 6 percent

May 13 (Reuters) - Manufacturer and marketer of spirits and importer of wines Corby Distilleries CDLa.TO posted a 12 percent drop in third-quarter profit missing market estimates, hurt by lower consumer spending.

The company earned C$4.5 million, or 16 Canadian cents a share, down from C$5.1 million, or 18 Canadian cents a share, a year ago.

Analysts on average had expected the company to post earnings of 21 Canadian cents a share on revenue of C$34.3 million, according to Thomson Reuters I/B/E/S.

The company said soft economic conditions continued to apply downward pressure on consumers’ spending patters.

Sales fell 6 percent to C$29.3 million.

Class A shares of the company were up 5 Canadian cents at C$15.45 Thursday morning on the Toronto Stock Exchange. (Reporting by Isheeta Sanghi in Bangalore; Editing by Jarshad Kakkrakandy)

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