Langley-based Bevo Agro Inc. (TSX-V:BVO) more than doubled its third-quarter net income for the period ending March 31.
Net income for the supplier of propagated flower, berry and other plants to greenhouses and nurseries rose to $296,471 from $127,161. This was despite a 30% decline in quarterly sales to $3 million from $4.2 million in 2008's third quarter.
Increased diversification and aggressive cost reductions were cited as the main contributors to Bevo Agro's improved gross margins and net profit. Operating and administrative expenses fell 46% in the quarter to $269,969 from $497,373. Its interest expenses on loans also fell 60% to $213,429 from $538,289 due to lower interest rates and a $1 million pay down of long-term debt over the last nine months.
Bevo Agro's share price range during the past week: between $0.16 and $0.18; 52-week high: $0.26; 52-week low: $0.05.