Profits soared during the third quarter for Saputo Inc. of Montreal.
Revenues increased by 2.8 per cent to $2.9 billion and net earnings increased by 13.3 per cent to $175.2 million.
The declining value of the Canadian dollar boosted revenues by $261 million because the company has many cheese operations in the United States.
“Right now there’s too much milk in the system,” chief executive officer Lino Saputo Jr. said Thursday on his company’s third-quarter earnings conference call.
“I think it’s a matter of time before there’s a natural balance between the amount of natural solids that are produced and the growing demand in emerging markets.”
The third quarter ran to Dec. 31.