05:14 PM EDT, 03/12/2024 (MT Newswires) -- Transcontinental (TCL-A.TO) on Tuesday said its fiscal first-quarter adjusted profit rose 77% despite a dip in revenue.

The printing and packaging company posted an adjusted profit, excluding most one-time items, of C$37.4 million, or C$0.43 per share, in the quarter ended Jan.28, up from C$21.1 million, or C$0.24, in the year-prior period. The result topped the consensus analyst estimate for the measure of C$0.34 per share, according to Capital IQ.

Net income, including items rose to C$13.9 million, or C$0.16, from C$1.0 million, or C$0.01.

Revenue fell 3.8% to C$680.4 million from C$707 million, a drop the company said was mostly due to lower volume for its printing operations..

"We had a solid first quarter despite persistently challenging market conditions. This performance is largely attributable to cost reductions in line with our priorities and the profitability and financial position improvement program announced in December," chief executive Thomas Morin said in a release.

The company said it expects its packaging business "to be a key driver of our long-term growth", but short-term demand is weak due to economic conditions. It expects lower volumes for its printing business.

"Given the economic environment and the early impact of our profitability and financial position improvement program, we expect consolidated adjusted operating earnings before depreciation and amortization to remain at the very least stable for fiscal 2024 compared to fiscal 2023", it noted.

Transcontinental's Class A shares closed down C$0.02 to C$14.23 on the Toronto Stock Exchange.