Reuters logo
5 years ago
UPDATE 1-Saputo reports quarterly loss on impairment charge
June 5, 2012 / 5:47 PM / 5 years ago

UPDATE 1-Saputo reports quarterly loss on impairment charge

* Adjusted profit up from year-ago levels

* Zero net earnings per share, compared to C$0.48 last year

* Revenue up 15 pct to C$1.7 billion (Adds details)

June 5 (Reuters) - Canadian dairy producer Saputo Inc reported a net loss for its fiscal fourth quarter on Tuesday on a goodwill impairment charge to reflect a stagnant market for snack cakes.

The Montreal-based company reported a net loss of C$2.6 million ($2.5 million), or zero per share, for the period ended March 31. That compared with a profit of C$100.4 million, or 48 Canadian cents a share, in the year-earlier quarter.

Excluding the one-time impairment charge and other items, the company reported a profit of C$122.4 million, or 61 Canadian cents a share, up from an adjusted profit of C$112 million, or 54 Canadian cents a share in the year-ago period.

Saputo, which produces and distributes milk, cheese and some baked goods from nearly 50 plants in North America, South America and Europe, said the impairment charge was tied to a writedown that reflects stagnating growth in snack-cake sales.

Revenue rose 15 percent to C$1.7 billion.

The company said it expects challenges in obtaining milk at competitive prices in the coming year.

$1=$1.04 Canadian Reporting by Claire Sibonney; Editing by Janet Guttsman

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below