Toy sales increase for Mega in Q1

Sales for the toy sector were up to $37.7 million and net loss showed huge improvement.
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During the first quarter, Mega Brands reported an overall net loss of $9.3 million, compared to a profit of $103 million in Q1 2010.

The first quarter sales in 2010 included a one-time accounting gain of $144.3 million, which resulted from the settlement of debt.

Net sales for the period were up to $51 million, compared to $49 million in the same quarter last year. This represented the Mega's sixth consecutive quarter of sales growth.

Mega Brands' reported net sales for its toy sector were up to $37.7 million, compared to $32.3 million in Q1 2010.

The stationery and activities sector revenues, meanwhile, fell to $13.3 million, compared to £16.7 million in the first quarter 2010.

Net loss for the toy sector were also improved and in Q1, were $2.5 million, compared to $15.5 million a year earlier.

The stationery sector net loss also improved slightly to $4 million, from $5.3 million a year earlier.

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