Brick Brewing profits slip 60 per cent in difficult third quarter

WATERLOO, Ont. – Beer maker Brick Brewing Co. Ltd. (TSX:BRB) saw its net earnings slide more than 60 per cent due to challenging market conditions and rising input costs.

The Waterloo, Ont. based brewer said early Thursday it earned $85,000 during its third quarter ended Oct. 30 compared to $230,000 during the quarter last year.

Get weekly money news

Get expert insights, Q&A on markets, housing, inflation, and personal finance information delivered to you every Saturday.

Sign up for weekly money newsletter Sign Up

By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy.

Net revenue rose to $7.9 million, up from $7.1 million in the same quarter last year.

“Market conditions have remained challenging and input cost pressures continue,” said president and CEO George Croft.

“We are focused on minimizing the impact of these variables through consistent improvement in production processes and related efficiency.”

However, the company said strong sales of its Laker brand helped push the Brick up a notch to the fourth largest brewer in Ontario.

Brick is an Ontario-focused craft brewer that makes Laker, Red Baron, Red Cap and other beers in Waterloo, Ont. It’s one of the few Canadian publicly traded beer companies.