November 11, 2013

Canada's dairy products maker Saputo Inc. reported a 3% rise in quarterly profit as sales rose in North America.

Saputo's net income rose to CAD133.3 million (US$127.6 million), or CAD0.67/share (US$0.64), in the second quarter ended September 30, from CAD129.7 million (US$124 million), or CAD0.65/share (US$0.62), a year earlier.

The company, which is in a bidding war for Australia's Warrnambool Cheese and Butter Factory Co Holdings Ltd to take over the Australian dairy company, is currently the highest bidder with an offer of AUD449 million (US$430 million).

Saputo, Canada's largest dairy products maker, raised its bid by 14% on October 24. Its revenue rose 28% to CAD2.23 billion (US$2.1 billion) in the second quarter.