CANADA: US cheese price hike boosts Saputo profits
Higher cheese prices in the US have helped push up Sauputo's quarterly profits
Higher cheese prices in the US have helped push up quarterly profits at Saputo, the Canadian dairy group said today (3 August).
Saputo's net earnings climbed 31.4% to C$111.4m during the first quarter of the company's fiscal year, a quarter that ended on 30 June.
The improved bottom line came as Saputo's EBIDTA increased 20.4% to C$190.8m thanks to "operational efficiencies" and "more favourable market conditions" in the US, the company said.
The EBITDA from Saputo's US dairy products business jumped by more than 57% to C$65m as cheese prices rose.
The inclusion of last June's acquisition of F&A Dairy into the numbers also helped Saputo's EBITDA in the US.
EBITDA from Saputo's Canadian, European and Argentinean businesses was up 8.1% at C$121.7m.
Lower volumes from those regions weighed on Saputo's turnover, which dipped 0.7% to C$1.44bn.
George Weston Ltd, Canada's largest food processor, has announced it will pay a one-time common share dividend of C$1bn (US$993.4m)....
Canadian dairy processor Saputo is investigating the cause of a listeria contamination that led to it recalling several lots of cheese from a Quebec plant....
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