Higher cheese prices in the US have helped push up quarterly profits at Saputo, the Canadian dairy group said today (3 August).
Saputo’s net earnings climbed 31.4% to C$111.4m during the first quarter of the company’s fiscal year, a quarter that ended on 30 June.
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The improved bottom line came as Saputo’s EBIDTA increased 20.4% to C$190.8m thanks to “operational efficiencies” and “more favourable market conditions” in the US, the company said.
The EBITDA from Saputo’s US dairy products business jumped by more than 57% to C$65m as cheese prices rose.
The inclusion of last June’s acquisition of F&A Dairy into the numbers also helped Saputo’s EBITDA in the US.
EBITDA from Saputo’s Canadian, European and Argentinean businesses was up 8.1% at C$121.7m.
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By GlobalDataLower volumes from those regions weighed on Saputo’s turnover, which dipped 0.7% to C$1.44bn.
