Tuesday, August 10, 2021

Saputo profits nose-dive

Saputo Inc. profits declined by 63 per cent in the first quarter this year to $53 million.

Revenues increased by 2.9 per cent to $5.5 billion.

Chairman and chief executive officer Lino Saputo told a conference call with investors that costs have risen, squeezing margins.

He said the United States operations dominate the company now and it’s been difficult to find enough workers, making that the biggest issue.

Transportation costs have also increased and for international shipments, it’s been difficult to obtain containers.

The rising value of the Canadian dollar, relative to the U.S., has also impacted profits.