Maple Leaf Q2 Earnings Drop

Maple Leaf Foods has announced that its earnings in the second quarter fell by 40%.

The Toronto-based food processor said its Q2 sales fell to C$1.27bn (US$1.22bn) from C$1.32bn (US$1.27bn) due to lower sales in bakery operations, fresh pork and prepared meats.

The company’s sales in the bakery-products group were also down 8%.

Maple Leaf said its profit dropped to C$3m (US$2.9m) in the second quarter ending 30 June from C$4.9m (US$4.7m) in the same period a year earlier.

Maple Leaf’s adjusted earnings rose 20% to C$52m (US$50m) helped by improving markets for Maple Leaf’s poultry operations.

The company is planning to sell its Burlington, Ontario, pork processing plant this year, it said.