Aphria Reports First-Quarter Profit and Higher Revenue From Year Ago Mark

TORONTO — Marijuana company Aphria Inc. says it earned nearly $21.2 million in its latest quarter, up from $15 million in the same quarter a year ago.

The company based in Leamington, Ont., says the profit amounted to nine cents per diluted share compared with a profit of 10 cents per diluted share in the same quarter last year when it had fewer shares outstanding.

Revenue for the three-month period ending Aug. 31 totaled $13.3 million, up from $6.1 million.

Aphria attributed the increase in its earnings to gains in investments in Liberty Health Sciences and Hiku Brands Co. Ltd., and an increase in fair value of biological assets caused by a production increase.

Shares of Aphria shot higher earlier this week after a report that U.S. tobacco giant Altria Group Inc. was in talks with the licensed cannabis producer to acquire an equity stake.

In response, Aphria said Wednesday that while it engages in discussions with potential partners or investors at times, there was no agreement, understanding or arrangement in place with a potential investor.

Companies in this story: (TSX:APH)

The Canadian Press