Canadian dairy giant Saputo saw its profit growth accelerate during its second quarter as sales rebounded after falling in the first three months of its fiscal year.

Saputo booked net earnings of C$125.5m (US$123.7m) for the three months to the end of September, a jump of 32.8% on the year. Net earnings had grown 26.6% in Saputo’s first quarter.

The company’s second-quarter sales rose 5.3% to C$1.56bn after a first quarter when revenues dipped 0.7%.

The continued growth in cheese prices boosted Saputo’s revenues and EBITDA during the quarter. Saputo’s EBITDA was up 20.7% at C$174.7m.

However, Saputo said the strengthening of the Canadian dollar against the US dollar and the Argentinian peso took C$35m from sales and C$5m from EBITDA.

Click here for the full second-quarter statement from Saputo.