The Canadian water and soft drinks producer, StonePoint Group, posted sales for the second quarter of US$9.55m, up 40.7% from US$6.79m in the second quarter of 2002.

The company attributed the increase to like-for-like sales growth in its private label division and to the launch of sales to Japan.

The company said it had registered a net loss for the quarter of US$162,263, down from the loss of $301,332 which it recorded in the corresponding quarter in 2002.

"StonePoint continues to reduce costs while maintaining customer loyalty," said CEO, James Borkowski. "We are evaluating all possible options for how to improve the company's financial position for the future."