Saputo Looks to Expand as Global Player in Dairy Products Industry

Posted by Brian Gould Wed, 07 Nov 2007 16:16:00 GMT

Dairy products maker Saputo Inc. plans to continue expanding as a global player as it reported a second-quarter profit of $62.5 million - or $65.5 million excluding a one-time tax charge.

That compares with year-ago earnings of $58.3 million. However, shares closed lower Tuesday on the Toronto Stock Exchange at $53.10, down $4.01 or seven per cent.

Chairman Lino Saputo recalled problems in the global dairy market during a conference call, but insisted the company is positioned to succeed.

“We intend to pursue our expansion and become an even stronger player in the global dairy industry,” said Saputo during a conference call with analysts