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Kraft Heinz posts 50.5 pct rise in quarterly profit

Aug 3 (Reuters) - Kraft Heinz Co reported a 50.5 percent rise in quarterly profit on Thursday, as the company managed to wring out more costs and demand rose for its sauces and condiment products.

The company, which owns brands such as Velveeta cheese and Heinz ketchup, reported net income of $1.16 billion, or 94 cents per share, in the second quarter ended July 1, from $770 million, or 63 cents per share, a year earlier.

Net sales fell 1.7 percent to $6.68 billion.

Kraft Heinz also increased its quarterly dividend to 63 cents per share from 60 cents. (Reporting by Gayathree Ganesan in Bengaluru; Editing by Maju Samuel)