Transcontinental Inc. says its net profit attributable to shareholders dropped by one-third in its latest quarter despite higher revenues as a COVID-19 variant disrupted operations.
The Montreal-based printing, media and packaging company says it earned $18.4 million or 21 cents per share in the first quarter, down from $27.7 million or 32 cents per share a year earlier.
Adjusted profits were $30 million or 35 cents per share, compared with $43.8 million or 50 cents per share in the first quarter of 2021.
Revenues for the three months ended Jan. 30 were $690.6 million, up 10.9 per cent from $622.7 million in the prior year quarter, mainly due to higher resin prices and acquisitions.
Analysts on average had forecast adjusted profits of 51 cents per share on $676.7 million of revenues, according to financial data firm Refinitiv.
Chief executive Peter Brues says the financial results didn't meet its expectations.
-- This report by The Canadian Press was first published on March 8, 2022.
