CANADA: DCI Cheese buy, Argentina sales drive Saputo Q3 profits
Canadian dairy company Saputo has recorded an increase in third-quarter earnings, boosted by the acquisition of DCI Cheese Co. last year and an increase in exports to Argentina.
For the three months to the end of December, profits climbed by 15.8% to C$129.8m (US$130.5m), the company reported yesterday (7 February).
EBITDA in the period amounted to C$207.3m, an 8.5% increase on the prior-year period. The acquisition of DCI Cheese Co. in March last year, increased sales from its business in Argentina and "favourable" conditions in the Canadian dairy ingredients market helped profits.
Sales for the quarter amounted to C$1.79bn, an increase of 17.1% on the corresponding quarter last year.
Separately, the board of directors approved a dividend of C$0.19 per share payable on 16 March to shareholders of record on 5 March.
Lower profits from its US division has hit first-quarter earnings at Canadian dairy firm Saputo....
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