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CANADA: Big Rock Brewery thanks Q2 for rescuing Q1

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  • 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 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.

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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.


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