A steep rise in half-year profits at Canada-based dairy giant Saputo was not enough to stop a fall in the company's share price.

Saputo, Canada's largest dairy group, saw operating income leap 29% to C$211.6m (US$233m) during the six months to the end of September.

The jump in earnings came thanks to a 27% rise in revenue, which reached C$2.5bn. Acquisitions in the US and the UK - plus higher selling prices as commodity costs rose - boosted the results.

However, Saputo's shares fell by over 6% after the company's earnings for the second quarter missed forecasts.

Net income rose 7.2% to C$62.5m, although the increase would have been greater but for an income tax charge of around C$3m.