Canadian dairy products maker Saputo, which is in a bidding war for Australia’s Warrnambool Cheese and Butter Factory, reported a three per cent rise in quarterly profit as sales rose in North America.
Saputo’s net income rose to $133.3 million, or 67 cents per share, in its second quarter ended Sept. 30, from $129.7 million (65 cents a share) a year earlier.
The company, which is competing with two of Warrnambool’s largest shareholders to take over the Australian dairy company, is currently the highest bidder with an offer of A$449 million.
Saputo, Canada’s largest dairy products maker, raised its bid by 14 per cent on Oct. 24.
The company’s revenue rose 28 per cent to $2.23 billion in its second quarter. –– Reuters
Related stories:
Saputo making white-knight play for Australian dairy firm, Oct. 7, 2013
Saputo books higher Q1 profit but expects tough year, Aug. 6, 2013
