CANADA: Big Rock Brewery's Q3 profits jump as volumes dip
- Q3 Net profits up by 35% to US$1.7m
- Operating profits for same period rise by 41% to $2.4m
- Volumes drop by 10% to 62,276 hectolitres
Big Rock Brewery saw volumes drop 10% because of price promotions last year
Big Rock Brewery has posted a third-quarter spike in profits despite a 10% fall in volumes.
Net profits increased by 35% to US$1.7m in the three months to the end of September, the Canadian craft brewer said on Friday (2 November). Operating profits increased by 41% to $2.4m over the same period.
The increases were driven by volume-driven price promotions in Q3 last year, resulting in comparatively lower sales volumes but higher profit margins, Big Rock said. Volumes in Q3 this year were down by 10% year-on-year to 62,276 hectolitres.
In first-half results, Big Rock saw net profits soar by 202%, driven by volume growth in the value sector and a drop in business costs.
Big Rock's shares ended on Friday 1.8% higher than at the start of the day's trading.
To read the company's announcement on the results, click here.
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