MONTREAL - Rogers Sugar Inc. (TSX:RSI) said Wednesday it earned $6.9 million in its latest quarter, down from a profit of $16.5 million a year ago, as the company shipped lower volumes for the three-month period.
The sugar producer said volumes totalled 164,539 tonnes for the quarter, down from 170,880 tonnes a year ago.
Excluding derivative losses, Rogers said it had an adjusted profit of $9.8 million, down from $10.9 million.
In its outlook, the company said it appears that no special U.S. quotas will open in its 2013 financial year and therefore export sales could be significantly lower.
"However, to provide additional and more stable export sales, the company will continue to investigate other export opportunities similar to those developed several years ago in Mexico," Rogers said.
"While the total sweetener market decreased slightly this past year, we believe this trend will not continue over the next number of years as the market should revert to a small percentage increase, in-line with the population increase."
The company operates sugar cane refineries in Montreal and Vancouver and has a sugar beet factory in Taber, Alta.