MONTREAL – Saputo Inc. (TSX:SAP) says net income in its fiscal 2015 second quarter was up almost 17 per cent compared with the same year-earlier period amid a more than 21 per cent increase in revenue.
The Quebec-based diary processor say net profits in the three months ended Sept. 30 were $155.7 million or 39 cents per diluted share, up $22.4 million from $$133.3 million 34 cents in the same fiscal 2014 period.
Revenue rose to $2.7 billion from $2.23 billion.
Saputo said the increase in consolidated revenue and earnings were partially due to higher prices in the U.S., Canadian and international sectors as well as the inclusion of revenues from its Australian operations and those from the acquisition earlier this year of the milk business of Nova Scotia-based Scotsburn diary.
Other factors included higher sales volumes in the U.S. sector and currency fluctuation which added $51 million to revenues.