Sun-Rype's profit grows
Nov 8, 2012 / 6:48 pm
Fruit juice maker Sun-Rype Products Ltd (TSX:SRF) is showing more signs of bouncing back after a tough year in 2011.
It is reporting a profit of half a million dollars for its 2012 third quarter.
That's a turn around from a $3-million dollar loss in the third quarter of 2011.
Sun-Rype says sales were $39.3 million for the quarter, the same as what it generated in the same period a year ago.
Sun-Rype says so far this year its net income stands at $2.0 million, compared with a net loss of $4.0 million at this time in 2011.
The Company's net sales in the first three quarters of 2012 were $116.4 million compared to $110.8 million in the first three quarters of 2011.
"The increase in Sun-Rype's net sales in the first three quarters of 2012 is primarily due to a 2011 business acquisition, and the impact of a one week longer reporting period," said President & CEO Dave McAnerney, in a news release issued Thursday.
Sun-Rype cautions that despite the turnaround in financial fortunes, it faces continuing challenges such as sales of shelf-stable juices that are in decline.
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