Wednesday, August 8, 2018

Saputo’s sales up, profits down

Saputo Inc. first-quarter sales increased to $3.27 billion from $2.89 billion last year, but net income declined by 37 per cent to $126 million.

Chief executive officer Lionel Saputo said there has been fierce competition as tariffs kicked in and global stockpiles of skim milk powder increased to 250,000 tonnes in Europe and 625,000 tonnes in the United States.

But he said the tough times are also creating opportunities to buy or merge with hard-hit competitors.

He said he is “preparing to fight the good fight” in cheese markets where “we know how to make more effectively and efficiently than our competitors.”