Leamington-based Aphria first Canadian cannabis company to post profit
An Aphria worker look out over a crop of marijuana in an undated handout image. (THE CANADIAN PRESS/HO-Aphria)
LEAMINGTON, Ont. - Cannabis company Aphria Inc. says it earned net income of $15.8 million in its financial fourth quarter, up sharply from a $5 million loss a year ago, fuelled by growth in recreational pot sales.
The firm based in Leamington, Ont. says the profit for the three months ended May 31 amounted to five cents per share, compared to a net loss of four cents during the same period in 2018.
Net revenue for the quarter totalled $128.6 million, up sharply from $12 million a year earlier, as revenues from adult-use cannabis rose more than 150 per cent to $18.5 million.
Analysts on average expected a quarterly net loss per share of six cents, according to financial markets data firm Refinitiv.
For the full year, Aphria reported a net loss of $16.5 million compared to $29.4 million in net income during the previous financial year.
Aphria's interim chief executive Irwin D. Simon says the company's "solid execution" across key areas of the business resulted in strong recreational cannabis revenue growth and a profitable fourth quarter.