Canadian cheese maker Saputo has said earnings slid 1.3% for the second quarter, despite higher sales.
Net earnings totalled C$55.2m (US$46.2m), or 52 cents per share, for the quarter to 30 September, compared to $55.9m, or 53 cents per share, for the same quarter in fiscal 2005.
Consolidated revenues totalled $1.03bn, an increase of 2.6% compared to $1.01bn for the corresponding period last year. The Canadian and other dairy products sector revenues increased by approximately $42m compared to the same period last year as a result of higher selling prices, higher sales volumes in our Canadian fluid milk activities as well as the inclusion of Fromage Cote acquired on 18 April 2005.
Revenues from the US dairy products sector decreased by approximately $16m. The appreciation of the Canadian dollar and a lower average block market per pound of cheese more than offset the 8.1% volume increase during the quarter. Revenues from Saputo’s grocery products sector were flat at $43.0m.