August 4, 2009 / 2:44 PM / 9 years ago

UPDATE 1-Saputo profit rises on acquisition-related gains

* Fiscal Q1 revenue up 6.2 pct

TORONTO, Aug 4 (Reuters) - Canadian dairy products company Saputo Inc (SAP.TO) said on Tuesday its quarterly profit rose 2.2 percent as acquisition-related gains helped offset declines in the price of cheese.

Montreal-based Saputo, Canada’s biggest cheese maker, said it earned C$84.8 million ($79.3 million), or 41 Canadian cents a share, in its first quarter, ended June 30. That was up from C$83 million, or 40 Canadian cents a share, a year earlier.

Revenue rose 6.2 percent to C$1.45 billion, mainly due to gains from its acquisition of Neilson Dairy.

Analysts had expected, on average, earnings of 36 Canadian cents a share before items, and revenue of C$1.44 billion, according to Reuters Estimates.

Saputo’s shares rose 2 percent to C$24 in early trade on the Toronto Stock Exchange on Tuesday.

$1=$1.07 Canadian Reporting by Euan Rocha; editing by Peter Galloway

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