Shares of Canada dairy producer Saputo drop as results disappoint

Wed Jun 5, 2013 12:23pm EDT
 
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June 5 (Reuters) - Shares of Canada's largest dairy producer Saputo Inc fell 2 percent on Wednesday after the company reported lower-than-expected quarterly profit.

Net income rose to C$100.5 million ($97.6 million), or 51 Canadian cents a share, in the fourth quarter, compared to a net loss a year earlier due to a goodwill impairment charge. Revenue grew by one-fifth to C$2.05 billion.

($1=$1.03 Canadian) (Reporting by Rod Nickel in Winnipeg, Manitoba; Editing by Bernadette Baum)