UPDATE 1-Canada Bread posts higher Q1 profit

* Q1 EPS C$0.59 vs C$0.48

* Q1 Adj shr C$0.60 vs C$0.84 expected

* Sales up 7.9 pct to C$413.1 mln

* Declares C$0.06/shr dividend

April 29 (Reuters) - Bakery products maker Canada Bread Co Ltd CBY.TO said quarterly profit increased 22 percent year-over-year, helped by price increases implemented in 2008, and better sales mix in the fresh bakery operations and pasta business.

The company reported first-quarter earnings of C$14.9 million ($12.3 million), or 59 Canadian cents a share, compared with C$12.2 million, or 48 Canadian cents a share, a year ago.

Excluding restructuring and other related costs, Canada Bread reported adjusted earnings of 60 Canadian cents a share.

Sales rose 7.9 percent to C$413.1 million.

Analysts on average expected the company to report a profit, excluding certain items, of 84 Canadian cents a share on revenue of C$447.40 million, according to Reuters Estimates.

Canada Bread, which is 89.8 percent owned by Maple Leaf Foods Inc MFI.TO, also declared a dividend of C$0.06 a share payable on July 2, 2009 to shareholders of record on June 5, 2009.

Canada Bread shares, which have gained about 15 percent in the last one month, rose nearly 8 percent to C$43 in early trade on the Toronto Stock Exchange. ($1=1.210 Canadian Dollar) (Reporting by Krishna Chaithanya in Bangalore; Editing by Anil D’Silva)