Cannabis producer Aphria reports $16.4M profit in 1st quarter

Cannabis company Aphria Inc. reported a profit of $16.4 million in its latest quarter, its second consecutive quarter of profitable growth.

The company said the profit for the quarter ended Aug. 31 amounted to seven cents per share, up from $15.8 million or five cents per share in the prior quarter.

Aphria earned $21.2 million or nine cents per share in the same quarter last year.

Revenue for what was the first quarter of the company's 2020 financial year totalled $126.1 million, compared with $128.6 million in the prior quarter and $13.3 million a year ago before legalization of recreational cannabis in Canada.

In its outlook, Aphria reaffirmed its guidance for net revenue of about $650 million to $700 million in its 2020 financial year, with distribution revenue representing slightly more than half of the total net revenue.

Adjusted earnings before interest, taxes, depreciation and amortization for the year are expected to be approximately $88 million to $95 million.