VANCOUVER – Village Farms International, Inc. (TSX:VFF) reported a lower profit of US$ 973,000 in the fourth quarter as the greenhouse vegetable producer felt the impact of unfavourable pricing for its products.
The company said the decrease in net income of $ 28,000 compared to a profit of $ 1 million a year earlier.
On a per share basis, earnings were equal to three cents for both quarters.
Revenue grew 10 per cent to $ 34.7 million versus $ 31.7 million in the comparable period.
“Pricing was tepid in the fourth quarter of 2011 and has continued into the first quarter of 2012,” said chief executive Michael DeGiglio.
He added the company’s new technology will alow it to lower production costs and compete more effectively on price.
Village Farms shares rose three cents to $ 1.33 per share on the Toronto Stock Exchange.
Local news from metronews.ca/vancouver
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