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UPDATE 1-Canada Bread Q3 profit more than doubles
October 27, 2011 / 1:26 PM / in 6 years

UPDATE 1-Canada Bread Q3 profit more than doubles

Oct 27 (Reuters) - Canada Bread Co Ltd’s quarterly earnings more than doubled on higher prices, and the baker said it continues to move its production to a new fresh bakery in Ontario.

July-Sept net income was C$30.3 million ($29.9 million), or C$1.19 per share, compared with C$14.3 million, or 56 Canadian cents per share, a year ago.

Adjusted operating earnings were C$1.24 per share, up from 38 Canadian cents per share a year ago.

Sales rose marginally to C$417.2 million.

Canada Bread said it plans to close its three existing bakeries between the end of this year and early 2013.

Shares of the company closed at C$42.75 on Wednesday on the Toronto Stock Exchange. ($1 = 1.014 Canadian Dollars) (Reporting by Abhiram Nandakumar in Bangalore; Editing by Joyjeet Das)

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