US canned food producer Seneca Foods has reported a net loss for the first quarter of its 2014/2015 financial year despite higher sales.
Seneca booked a net loss of US$0.1m, compared with a profit of US$1.3m for the same period a year earlier.
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Restructuring charges and the LIFO charges linked to the group being named the stalking horse bidder for US bakery Allens weighed on Seneca’s profits. It saw operating profit fall to US$0.9m from US$3.8m for the same period a year earlier.
The group did, however, post an increase in sales to US$240m from US$232m for the same period a year earlier.
Share prices in Seneca fell 1.07% to US$29.68 per share at 10:54 ET today (7 August).
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