Canadian-based dairy and grocery products group Saputo has posted a 28% rise in first-quarter net earnings
The company saw profits reach C$68.4m (US$64.4m) during the three months to 30 June, it said yesterday (31 July).
Revenue rose by 25% to C$1.2bn. Saputo attributed the growth to higher sales from its US dairy division, which saw revenues increase by around C$221m, boosted by the acquisition of the activities of Land O’Lakes West Coast industrial cheese business and higher average cheese prices.
Revenue from Saputo’s Canadian and “other dairy products” division increased by around $24m on the back of higher selling prices for milk, increased sales volumes from its Canadian fluid milk activities and the inclusion of its UK operations which were acquired in March. Revenue from Saputo’s grocery products division rose by C$1m, the company said.