MONTREAL - Saputo Inc. says its net profit slipped 2.3 per cent despite a small increase in revenue in the second quarter of its fiscal year.

The Montreal-based dairy processor says it earned $170.8 million or 42 cents per diluted share for the three months ended Sept. 30, compared with $174.9 million or 44 cents per share a year earlier.

Adjusted profits dropped 7.2 per cent to $184.1 million, from $198.3 million in the second quarter of 2019.

That equalled to 45 cents per share, five cents below last year's second quarter.

Revenues were $3.7 billion, up one per cent from $3.67 billion amid a continuing shift during the COVID-19 pandemic to retail stores from restaurants.

Saputo was expected to post 43 cents per share in adjusted profits on $3.73 billion of revenues, according to financial data firm Refinitiv.