Saputo lost $518 million during its third quarter that ended Dec. 31, much worse than the loss of $124 million the previous year.
The loss came even as revenues increased by 17 per cent to $5 billion.
Saputo is Canada's largest dairy company owning Canadian cheese and milk plants and many in the United States, Australia and Argentina.
During the conference call to discuss the financial results, president and chief executive officer Carl Colizza said he doesn’t think Canada’s supply management system will be up for negotiation with the United States.
He seems to be whistling past the graveyard.
President Donald Trump’s choice for top trade official, Jamieson Greer, said he supports Trump’s hard line on trade. Trump has said repeatedly that Canada is “very unfair” to American dairy farmers.
Greer was second in command when Robert Lighthizer negotiated with Canada and Mexico on trade during Trump’s previous term as president.
