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Saputo profit drops despite rising revenue
Dairy products company Saputo Inc has reported that, despite higher revenues, its quarterly profit fell 8% due partly to lower sales volumes and lower cheese prices.
Montréal-based Saputo, Canada’s biggest cheese maker, said it earned C$69.2m, or 33 Canadian cents a share for the fourth quarter ended 31 March 31. That was down from C$75.2m, or 36 Canadian cents a share, from a year earlier.
However, the company said revenue grew 15% to C$1.46bn, helped by its dairy products division, which benefited from the 2008 purchase of Neilson Dairy and higher milk prices.
Source: Saputo
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