November 1, 2010 / 5:20 PM / 8 years ago

UPDATE 1-Saputo profit rises 33 percent on pricier cheese

* EPS C$0.60 vs C$0.45

* Revenue up 5.3 percent to C$1.56 billion

TORONTO, Nov 1 (Reuters) - Canada’s biggest dairy processor, Saputo Inc (SAP.TO), posted a 32.8 percent jump in quarterly profit on Monday, helped by the rising price of cheese.

The Montreal-based maker of Stella cheese and Vachon dessert snacks reported a profit of C$125.5 million ($123.7 million), or 60 Canadian cents a share, for its second quarter, ended Sept. 30. That compared with a profit of C$94.5 million, or 45 Canadian cents, for the same period a year earlier.

Eight analysts surveyed were expecting earnings per share of 56 Canadian cents, according to Thomson Reuters I/B/E/S.

Revenue climbed 5.3 percent to C$1.56 billion from C$1.48 billion, attributed mostly to higher cheese prices, a stronger dairy ingredient market and higher sales volumes in its U.S. dairy products segment.

Saputo shares were 18 Canadian cents lower at C$38.80 at midday on Monday on the Toronto Stock Exchange.

$1=$1.01 Canadian Reporting by Solarina Ho; editing by Peter Galloway

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