July 31, 2012 / 2:02 PM / in 5 years

Saputo profit falls on inventory writedown, U.S. market

July 31 (Reuters) - Canadian dairy products producer Saputo Inc reported a 4 percent fall in first-quarter profit, citing market conditions in the United States and an inventory writedown in Argentina.

Net earnings fell to C$121.8 million ($121.47 million), or 60 Canadian cents per share, for the April-June quarter, from C$126.6 million, or 61 Canadian cents per share, a year earlier.

Revenue rose 4 percent to C$1.70 billion.

Inventory in the company’s Argentine division was written down by C$2.5 million.

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