Saputo posts higher profit as North America dairy product sales rise

Thu Nov 7, 2013 1:19pm EST

Nov 7 (Reuters) - Canadian dairy products maker Saputo Inc , which is in a bidding war for Australia's Warrnambool Cheese and Butter Factory Co Holdings Ltd, reported a 3 percent rise in quarterly profit as sales rose in North America.

Saputo's net income rose to C$133.3 million ($127.6 million), or 67 Canadian cents per share, in the second quarter ended Sept. 30, from C$129.7 million, or 65 Canadian cents per 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 ($430 million).

Saputo, Canada's largest dairy products maker, raised its bid by 14 percent on Oct. 24.

The company's revenue rose 28 percent to C$2.23 billion in the second quarter.