A payout of over $870,000 from the federal/provincial AgriStability program helped B.C. greenhouse supply firm Bevo Agro narrow its first-quarter loss to just over $100,000.
Billing itself as “North America’s leading propagator of vegetable plants,” the Langley-based company runs a 34-acre facility to raise and supply vegetable, flower, berry and other seedlings for greenhouse operators, field growers and nurseries, including a significant customer base in the U.S.
The company on Wednesday posted a net loss of $103,690 on gross revenues of $2.967 million for its Q1 ending Sept. 30, up from a $717,161 loss on $1.304 million in sales in the year-earlier period.
Read Also
U.S. grains: Corn rebounds from contract lows on short covering, bargain buying
Bargain buying and short covering lifted U.S. corn futures on Monday after the market slid to contract lows on expectations for strong U.S. output, traders said.
The company’s Q1 revenues included a payment from the AgriStability ag income stabilization program worth $871,378, which it said bolstered a “significant increase” in sales due to increased propagation and cucumber production.
Bevo’s smaller Q1 loss also came from reduced expenses, mainly lower interest costs. The company said its total debt has been reduced by over $3 million since Sept. 30 last year.
Bevo’s output of plants for the greenhouse sector includes tomatoes, peppers and cucumbers as well as bedding plants, flowers and poinsettias. Bevo, a certified organic producer, also grows cucumbers for sale through a marketing agency.
