Canada’s Sleeman Breweries witnessed its profit dive 56% in the second quarter, the result of a readjustment to the company’s earnings following a one-time gain in the period last year.
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Profits were C$2m or 13 cents a share, compared with C$4.6m in the same period in 2002, which was boosted by the one-off sale of the Canadian rights to Beck’s products.
Despite the fall, John Sleeman, chairman and chief executive officer, said in a statement: “We are very pleased with our revenue, volume and earnings growth this quarter,”.
“With strong selling, general and administrative cost controls in place, we grew our core volumes by 3% and continued to keep pace with the industry.”
Revenues in the period were up 16% C$49.9m from $43.1-million in the previous year.
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