Saputo Inc. last month announced a net earnings increase of 38.2% for the second quarter of fiscal 2004, which ended Sept. 30.

MONTREAL-Saputo Inc. last month announced a net earnings increase of 38.2% for the second quarter of fiscal 2004, which ended Sept. 30.

The company also announced that it is closing two more Canadian plants employing a total 180 people, as part

of the continuing consolidation of its milk business.

Saputo also said recently that it's selling a third dairy that produces mainly soy products.

Revenues were $915.5 million, up 6.2% over the same period last year. Roughly 43% of this increase is attributable to increased sales volumes in the company's cheese division (USA), and approximately 11% stems from the combination of the positive effect of better average selling prices per pound of cheese on the U.S. market and the negative effect of the appreciation of the Canadian dollar. The remaining increase in revenues comes mainly from Saputo's Canadian dairy products sector.