An improving US dairy business and efficiency gains drove higher third-quarter profits at Canada’s Saputo, the company has revealed.
Saputo said a “more favourable” dairy ingredients market and the June acquisition of F&A Dairy of California helped boost EBITDA during the three months to the end of December.
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EBITDA jumped 46% to C$183.5m (US$173.2m) and helped push up net income, which leapt 80.4% to C$104.3m.
The increase in profits came despite a dip in turnover, which fell 1.3% to C$1.5bn. Sales slid to lower average cheese prices and weaker sales volumes in the US, Saputo said.
