Dairy company Saputo has announced higher sales and earnings for the year ended 31 March 2005, driven by increased volume in Canada and despite lower earnings in the US.
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Net earnings were CA$232.1m (US$187m) up from $212.4m the year before. Revenues totalled $3.883bn compared to $3.570bn the year before.
Earnings before interest, income taxes, depreciation and amortization amounted to $407.8m compared to $403.3m.
EBITDA in the Canadian and other dairy products sector totalled $244.2m as compared to $209.9m. During the year, this sector experienced increased volumes in all its divisions. Included in the EBITDA for fiscal 2005 is a $2.6 million gain on disposal of fixed assets held for sale.
EBITDA in the US dairy products sector totalled $137.0m compared to $160.9m the year before. Although the sector experienced a more favourable average block market per pound of cheese, it was negatively affected by the relationship between the average block market per pound of cheese and the cost of milk as raw material, the company said.
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