Canadian dairy giant Saputo has issued a bullish forecast for the next 12 months after a year of closures and cost cuts drove rising annual profits.
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The company, which is the largest dairy processor in Canada, saw net earnings jump 24.2% to C$238.5m (US$225.5m) for the year to 31 March despite turnover remaining flat at just over C$4bn.
Saputo said it had met the “challenges” of the last year “head on” after it closed a number of plants in Canada. The company said its cost cuts, combined with a cheese acquisition in Canada and a second acquisition in the UK, would drive the business forward.
“As we enter fiscal 2008, the momentum created in the prior fiscal year along with our focus and dedication should allow us to achieve even greater heights,” Saputo said.
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