TSX Q2 for Investors: Gold Up, Theaters Packed, Grocers Steady

Cineplex reports $2.2M Q2 loss, revenue up 30.5% year over year

Cineplex Inc. reported a loss of $2.2 million for the quarter ended June 30, while revenue rose 30.5% from the same period a year earlier. The company recorded a loss of three cents per diluted share, an improvement from the 33-cent loss per diluted share reported in the prior-year quarter.

Revenue for the quarter totaled $361.8 million, up significantly from last year’s $277.3 million. Attendance improved as well, with 11.6 million visits compared with 8.7 million in the same period last year. Cineplex also reported record per-patron metrics, including a box-office average of $13.68 and concessions averaging $10.04 per patron, helping fuel revenue growth despite the modest net loss.

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Barrick Mining posts higher Q2 profit despite $1B writedown on Mali mine

Barrick Mining took a US$1.04-billion charge after losing control of its Loulo-Gounkoto mine in Mali following a local court ruling. Despite that significant writedown, the company reported second-quarter net income of US$811 million (47 cents per diluted share), more than double last year’s US$370 million (21 cents per diluted share).

The improved bottom line reflected higher realised gold prices—average sales prices rose around 41% to US$3,295 per ounce—and gains from asset sales, including a US$745-million benefit from selling a 50% stake in the Donlin gold project in Alaska. Revenue increased to US$3.68 billion from US$3.16 billion a year earlier. Gold production was 797,000 ounces in the quarter, below the prior year’s 948,000 ounces, while copper output rose to 59,000 tonnes from 43,000 tonnes.

Barrick’s operations in Mali remain contested after disputes with the government over taxes and contracts led to provisional administration of the Loulo-Gounkoto mine and legal actions affecting company personnel. Management says it continues arbitration while engaging in discussions that could lead to a negotiated resolution.

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Maple Leaf Foods Q2 profit rises on strength in pork business

Maple Leaf Foods reported a second-quarter profit of $57.8 million, reversing a year-ago loss of $26.2 million. Diluted earnings per share were 46 cents, compared with a 21-cent loss per share in the prior-year quarter. On an adjusted basis, the company earned 56 cents per share, up from an adjusted 18 cents a year earlier.

Quarterly sales rose to $1.36 billion from $1.26 billion, with prepared foods up 7.5%, poultry up 8.5%, and pork sales increasing 10.7%. CEO Curtis Frank cited profitability in the pork segment as a key driver and reiterated plans to spin off the pork business into a separate company, Canada Packers Inc., with the transaction expected to be completed by year-end pending final steps.

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Restaurant Brands International Q2 profit down year over year

Tim Hortons parent Restaurant Brands International reported net income of US$189 million, or 57 cents per diluted share, for the quarter ended June 30 — down from US$280 million, or 88 cents per diluted share, a year earlier. On an adjusted basis, the company reported earnings of 94 cents per share, up from an adjusted 86 cents a year earlier.

Revenue rose to US$2.41 billion from US$2.08 billion as sales improved across the company’s portfolio, which includes Tim Hortons, Burger King, Popeyes and Firehouse Subs. CEO Josh Kobza noted that sales trends strengthened during the quarter, particularly at Tim Hortons and within the international business segment.

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Metro reports $323M Q3 profit, sales edged higher

Metro Inc. posted third-quarter net income of $323.0 million, or $1.48 per diluted share, for the 16-week period ended July 5. That compares with $296.2 million, or $1.31 per diluted share, in the same period last year. Sales rose to $6.87 billion from $6.65 billion.

CEO Eric La Flèche highlighted solid comparable sales growth in both food and pharmacy and continued focus on cost control. Food same-store sales increased 1.9%, while pharmacy same-store sales climbed 5.5%, driven by higher prescription volumes and growth in front-store health and beauty categories. On an adjusted basis, Metro reported $1.52 per diluted share, up from $1.35 a year earlier.

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