Canadian dairy firm Saputo has recorded a drop in first-half profits, hurt by “unfavourable” market conditions in the US and an increase in the cost of milk in California.

Earnings amounted to C$251.5m (US$251.8m) in the six months to the end of September, from C$253.6m a year earlier. EBITDA slid 1% to C$418.6m.

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Sales in the period totalled C$3.44bn, an increase of 0.4% on the corresponding period last year. Higher selling prices to cover the cost of milk as a raw material in the Canadian and Argentinian divisions, as well as increased sales volumes and a better product mix in the US and Canada, partially contributed to the increase, Saputo said.

The company added its goal remains to “continue to improve overall efficiencies and pursue growth internally and through acquisitions”.

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