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.