• H1 net profits hit CAD593,000 (US$603,614) versus CAD10.3m loss a year-earlier
  • Sales dip by 8.2% to CAD21.1m
  • Operating profits plunge by 71% to CAD769,000
  • Q2 performance claws back Q1 travails
Big Rock Brewery issued its H1 results yesterday

Big Rock Brewery issued its H1 results yesterday

Big Rock Brewery has returned to the black in its first fiscal half, although a slide in sales has suggested the brewer is not out of the woods yet.

The Canadian craft brewer, whose CFO stepped down last month, said yesterday that its net loss of CAD10.3m (US$10.5m) in H1 2010 was reversed to a net profit for the six months to June of CAD593,000. The net loss in H1 2010 included a charge of CAD13.1m relating to IFRS accounting adjustments. Net sales in the period were down by 8.2% to CAD21.1m, with operating profits plunging by 71% to CAD769,000. 

For the second quarter of 2011, net profits were down by 77% to CAD619,000, while net sales were flat, down by 1.06% to CAD12.3m. Operating profits in the three months to the end of June almost halved, falling by 44.8% to CAD776,000.

Volumes in the half-year were down by around 4.2%, thanks primarily to poor volume sales in Big Rock's first quarter. 

“Our sales strategy is performing as we expected for the second quarter,” said Big Rock's CEO & chairman, Ed McNally. “We are happy that the turn around in sales volumes completely eliminated the operating loss reported in the first quarter.”

To read Big Rock's official release, click here.