| Make foodmate.com your Homepage | Wap | Archiver
Advanced Top
Search Promotion
Search Promotion
Post New Products
Post New Products
Business Center
Business Center
 
Current Position:Home » News » Processed Foods » Bakery & Cereals » Topic

Maple Leaf Foods reports larger quarterly loss

Zoom in font  Zoom out font Published: 2014-05-05
Core Tip: Canadian food processor Maple Leaf Foods Inc reported a larger quarterly net loss on Thursday, due to higher costs and restructuring charges.
Canadian food processor Maple Leaf Foods Inc reported a larger quarterly net loss on Thursday, due to higher costs and restructuring charges.

Maple Leaf is carrying out a multi-year program to upgrade its meat operations while shutting some plants, as it seeks to boost profits and better compete with U.S. rivals.

Its net loss for the first quarter rose to C$132 million ($120.3 million), or 95 Canadian cents per share, from C$14.7 million, or 11 Canadian cents, a year ago.

Total sales for the company, which is one of Canada's biggest pork processors, slipped 5.6 percent to C$1.05 billion.

On an adjusted basis the loss was 24 Canadian cents per share, compared to analysts' average expectation of a loss of 17 Canadian cents a share, according to Thomson Reuters I/B/E/S.

Mexico's Grupo Bimbo said on Feb. 12 it will buy Canada Bread Company for C$1.83 billion in cash,, allowing the company's parent Maple Leaf to focus on its meat business. The deal, subject to regulatory approval, is expected to close in the second quarter, Maple Leaf said.

 
 
[ News search ]  [ ]  [ Notify friends ]  [ Print ]  [ Close ]

 
 
0 in all [view all]  Related Comments

 
Hot Graphics
Hot News
Hot Topics
 
 
Processed in 0.387 second(s), 17 queries, Memory 0.85 M
Powered by Global FoodMate
Message Center(0)