BC Sugar, which last month closed its Rogers sugar beet plant in Winnipeg, reported net earnings of $8.19 million in its first quarter that ended Dec. 31.
That’s down from $10.84 million in the same period in 1995-96.
Total revenue was $216.44 million compared to $213.81 in the same quarter last year and total expenses before taxes were $204.56 million compared to $195.38 million last year.
BC Sugar said in a release the $7 million cost of closing the Winnipeg plant will be reflected in second quarter earnings.
The company noted that U.S. sugar prices are rising and profits from its American subsidiary, Refined Sugars, has offset reduced returns from Canadian operations.
BC Sugar, which also has a sugar beet plant at Taber, Alta., said the United States’ decision to limit its sugar imports to 22,000 tonnes a year was the main reason for closing the Winnipeg facility.
