MONTREAL - The Saputo cheese and dairy company showed a smaller profit and lower sales in the first quarter of its 2016 fiscal year.
The Montreal-based company says its net income for the three months ended June 30 was $136.4 million, down $8.9 million or 6.1 per cent from $145.3 million the same time last year.
Adjusted net income was $137 million, down from $145.3 million a year earlier.
Saputo's profit amounted to 34 cents per share, before and after adjustments, down from 36 cents per share a year earlier.
Revenue was $2.56 billion for the quarter was down $56.4 million or 2.2 per cent from the comparable period last year.
The profit was in line with analyst estimates of 34 cents per share but revenue was about $100 million below the estimate of $2.66 billion, according to Thomson Reuters.
The financial results were issued just before the company opened its annual shareholders meeting in Montreal.
