Canada’s largest cheese maker sees Q1 profit fall

The Western Star - - BUSINESS -

MON­TREAL - Sa­puto Inc. says its first-quar­ter profit was down from the same time last year as a re­sult of nu­mer­ous neg­a­tive fac­tors in­clud­ing the cost of ac­qui­si­tions, op­er­at­ing costs, cur­rency fluc­tu­a­tions and prices for some of its prod­ucts.

The Mon­treal-based com­pany is Canada’s largest cheese maker and one of the largest in the world, with ma­jor op­er­a­tions in the United States and Aus­tralia.

Its net in­come for the three months ended June 30 fell to $126 mil­lion or 32 cents per share, down from $200.3 mil­lion or 51 cents per share in last year’s fis­cal first quar­ter.

Ad­justed net earn­ings dropped to $160.3 mil­lion or 41 cents per share af­ter di­lu­tion, from 51 cents per share.

Rev­enue in­creased to $3.27 bil­lion from $2.89 bil­lion, with some of the in­crease due to the ac­qui­si­tion of Aus­tralian dairy com­pany Murray Goul­burn and other ac­qui­si­tions.

Sa­puto also an­nounced an in­crease to its quar­terly div­i­dend to 16.5 cents per share, payable Sept. 14, an in­crease of 3.1 per cent.

Newspapers in English

Newspapers from Canada

© PressReader. All rights reserved.