Canadian dairy giant Saputo saw its earnings climb in the first half of the year, boosted by the contribution from its acquisition of Morningstar.
In the six months to the end of September, earnings totalled US$270m from $251.5m in the same period of the last fiscal year.
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EBITDA was up 15.3% to $482.5m, primarily due to EBITDA derived from the Morningstar acquisition made in January, which was subsequently renamed Saputo Dairy Foods.
Sales in the period reached $4.4bn, an increase of $960.2m or 27.9% on last year. The inclusion of revenues derived from the Morningstar acquisition principally contributed to the increase. Increased sales volumes and higher selling prices in relation to the higher cost of milk in the Canada and international sectors, as well as a better product mix in Canada, partially contributed.
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