Saputo, the largest dairy processor in Canada and one of the leading cheese producers in the US, has posted net earnings of C$42.1m (C$0.41 per share) for its Q1 2003, ended 30 June 2002, up 4.5% from C$40.3m (C$0.40 per share) year on year.   Revenues of C$873.9m were essentially flat year on year. Although, Saputo said, had it not been for the drop in the average price per pound of cheese in the US during the Q1 2003, the revenues would have been greater by about C$37m. Also, Grocery Products Sector sales in Q1 2002 included C$19.8m from the cookies, fine breads and soups that were transferred to Dare Foods in July 2001.