(Valcourt) The Quebec manufacturer of recreational vehicles BRP suffered a significant decline in its net profit during the quarter which ended on October 31 compared to the corresponding period of the previous fiscal year.

Net profit fell to 63.1 million from 141.6 million last year. Diluted earnings per share fell from $1.76 to $0.81 in the meantime.

BRP’s revenues also fell, from 2.709 billion to 2.467 billion.

BRP explains that the decrease in net income is mainly attributable to lower operating income, an unfavorable fluctuation in exchange rates on long-term debt denominated in US dollars and an increase in financial expenses. The manufacturer reports that throughout the most recent quarter, there was a decline in deliveries of certain vehicles.

The BRP Board of Directors declares a quarterly dividend of $0.18 per share for holders of Multiple Voting Shares and Subordinate Voting Shares. The dividend will be paid on January 12.

Company cited in this report: BRP (TSX: DOO)