Saputo loses $2.6 million in Q4 on $125 million writedown of cake division

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MONTREAL - The Saputo dairy and cheese company had a $2.6-million loss in its fourth quarter due to a writedown of the value of its struggling bakery division, which primarily makes snack cakes.

Among the snack cake brands are May West, Passion Flake and Ah Carmel.

Excluding the $125-million writedown at Saputo's Vachon bakery operations, the Montreal-based company (TSX:SAP) had a $122.4 million profit — down only slightly from a year ago.

The adjusted earnings amounted to 61 cents per share — a penny below analyst estimates compiled by Thomson Reuters.

Saputo's evenues increased four per cent to $1.7 billion, from $1.6 billion a year ago.

Organizations: Saputo, TSX

Geographic location: MONTREAL

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