News Published on 3 Feb
Saputo posts 80% Q3 profit increase despite revenue drop
Filed by Geoff Platt
Canadian dairy company Saputo posts an 80% increase in Q3 2010 profit to C$104.3 million, despite revenue dropping 1.3% to C$1.5 billion.
Net earnings for the quarter ended 31 December 2009 totalled C$104.3 million, an increase of C$46.5 million or 80.4% compared to C$57.8 million for the same period last year. Revenues for the quarter amounted to C$1.497 billion, a decrease of C$20.2 million or 1.3% in comparison to C$1.517 billion for the corresponding quarter last year.
The acquired activities of Neilson Dairy, completed in December 2008, contributed to quarter’s revenues as compared to the third quarter of fiscal 2009.
Saputo is the 11th largest diary processor in the world, the largest in Canada, the third largest in Argentina and among the top three cheese producers in the United States.
Source: Saputo