Canadian cheese-maker Saputo has posted a 21% increase in first-quarter profits, which were lifted by higher pricing and sales from acquisitions.

Canada's largest cheese manufacturer booked earnings of C$83m (US$79.2m), up from C$68.4m a year earlier.

Revenue was up 11% to C$1.36bn, boosted by the company's US$160m acquisition of Wisconsin-based dairy firm Alto Dairy Cooperative in April. The company was also successful in pushing through a number of price increases during the quarter.

The strength of the Canadian dollar hit earnings, reducing profits by C$44m, the company said.

Speaking to analysts during the group's earning conference call, CEO Lino Saputo Jr. remained coy on whether the company was interested in acquiring Australia's Dairy Farmers.

"There is consolidation going on in our industry," Saputo said. "We believe that there will be some opportunity ... [to] look at dossiers both in the United States and in Australia, as well as other parts of the world, like Europe and possibly New Zealand."