(MENAFN- ProactiveInvestors)Iplayco (CVE:IPC) the manufacturer of children's indoor play equipment expects sales and income to turnaround in the current quarter after reporting a fall in the three months to the end of 2015. Net income decreased to C$176773 in the three months to end December (the firm's first quarter) compared to C$220309 in the three months to end 2014 on sales which decreased 16.8% to C$3.61mln from C$4.34mln in the comparative quarter of 2014. Operating expenses including foreign exchange gains and losses and finance costs eased to around C$1.2mln or 32.6% of sales compared to C$1.5mln or 34.6% of sales in 2014. Scott Forbes the Toronto-listed firm's chief executive and president said: "Although sales and net income have decreased during the three months ended December 31 2015 as compared to the three months ended December 31 2014 ("Q1-15") we are anticipating a quick turnaround with sales and net income expected to increase moderately for the three months ending March 31 2016." Compared to the preceding September quarter the firm's first quarter saw sales decrease by 31.0% and net income fall to C$176773 compared to C$216409 in the fourth quarter. Indeed in the firm's year to end September Iplayco notched up its highest annual sales total in its history.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.