Saputo bumps up dividend as profit dips

Tue Aug 4, 2015 10:51am EDT
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Aug 4 (Reuters) - Canadian dairy producer Saputo Inc bumped up its dividend on Tuesday as it reported a slightly lower quarterly profit.

The company said its quarterly dividend would increase 3.8 percent to 13-1/2 Canadian cents a share from 13 cents.

For Saputo's first quarter, net income fell to C$136.4 million ($103.88 million), or 34 Canadian cents a share, from C$145.3 million, or 36 Canadian cents, a year earlier.

Revenue during the quarter, which ended June 30, dipped 2.2 percent to C$2.56 billion.

Analysts had expected Saputo to earn 34 Canadian cents a share on revenue of C$2.66 billion, according to Thomson Reuters I/B/E/S.

Saputo's shares gained 1.2 percent to C$30.32 in Toronto, touching a one-month high.

The Montreal-based company, whose brands include Dairyland milk and Armstrong cheese, is among the top three cheese producers in the United States and also has significant operations in Argentina and Australia.

($1=$1.31 Canadian) (By Rod Nickel in Winnipeg, Manitoba; Editing by Peter Galloway)