CANADA: Arrowhead Water reverses profits in Q3
Arrowhead Water has posted a loss in its third quarter, while sales remained flat in the period.
The Canadian bottled water company said yesterday (30 August) that net losses in the three months to the end of June hit C$142,056 (US$134,851) compared to a profit of C$24,564 in the corresponding period a year earlier.
Sales were up only slightly in the period, reaching C$2.26m compared to C$2.25m a year earlier.
"The company has experienced significant growth, management and operational changes that have occurred over the past two years and is on track integrating these changes and returning the company to profitability and growth," Arrowhead said.
Earlier this summer, the company added three senior managers to its ranks. Russell Rogers, previously Arrowhead's general manager, became vice president of operations, while Brian McCabe came on board as company controller. Paddy McGinley was recruited as the new director of operations for Northern Alberta in the country.
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