(Montreal) Saputo recorded a net profit of 156 million in the second quarter, up from 145 million a year earlier.

The Montreal company announced Thursday, after the close of stock markets, that its revenues for the quarter ended September 30 amounted to 4.3 billion, down from 4.5 billion in the same quarter of last year.

Diluted earnings per share came to 37 cents, compared to 35 cents a year earlier.

Saputo says overall sales volumes remained stable in the second quarter despite the continued slowdown in global demand for dairy products. The increase in sales volumes on the Canadian and United States markets helped to offset the drop in volumes on the export side.

The company says that for the remainder of the fiscal year, it expects “to benefit from the impact of price increases, additional capacity additions, cost containment and efficiency initiatives, new products and investments in our brands and advertising.”

It also forecasts that “short-term inflation affecting all of our input costs will moderate, but remain high.”