CANADA: Big Rock Brewery reaps FY reward for price hikes
- FY like-for-like net profits climbs by 63% to CAD4.1m (US$4m)
- Net sales in 2012 up by 1.9% to CAD46.1m
- FY operating profits jumps by 68%, hitting CAD5.6m
- Volumes fall by 1.5% to 217,646 hectolitres
Big Rock released its FY results yesterday
Big Rock Brewery raised prices and cut costs last year to help post a healthy leap in full-year profits despite a drop in volumes.
Net profits jumped by 63% to CAD4.1m (US$4m) in the 12 months to 30 December, the Calgary-based company said yesterday (19 March). Net sales were up by 1.9% to CAD46.1m over the same period while operating profits increased by 68% to CAD5.6m.
It was a return to form for the Canadian brewer, which in 2010 posted a full-year net loss of CAD8.2m. The company climbed back into the black in FY results last year.
Big Rock said yesterday: “Volume-driven price promotions utilized in 2011 were scaled back significantly for 2012, resulting in comparatively lower sales volumes but higher profit margins.”
No fourth-quarter results were released, but the company posted a 35% profits increase in Q3.
Big Rock also announced that board members Gordon Tallman and James Jackson will not stand for re-election at the company's meeting of shareholders on 3 May.
To read the company's official statement, click here.
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