May 13, 2010 / 5:18 PM / 7 years ago

UPDATE 1-Menu Foods Q1 profit soars on lower operating costs

* Q1 EPS C$0.19 vs C$0.002 last year

* Q1 rev falls 25 percent

* Shares up 9 percent

May 13 (Reuters) - Menu Foods Income Fund's MEW_u.TO first-quarter profit soared on lower operating costs, sending the company's shares up 9 percent.

The pet-food products maker said it expects lower volumes for 2010, but expects operating costs for the current year to be in line with 2009.

Net income rose to C$5.7 million, or 19 Canadian cents a unit, from C$54,000, or 0.2 Canadian cents a unit, a year ago.

Sales fell 25 percent to C$63 million on account of customer losses.

Cost of sales fell 30 percent to C$53.8 million while selling, general and administrative expenses dropped 61 percent.

Shares of the company were trading up 9 percent at C$4.04 Thursday on the Toronto Stock Exchange. (Reporting by Aftab Ahmed in Bangalore; Editing by Roshni Menon) (aftab.ahmed@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: aftab.ahmed.reuters.com@reuters.net))

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