Thursday, October 30, 2014

Maple Leaf losses continue

Maple Leaf Foods Inc. continues to lose money while it runs both old and new meat-processing plants until the transition to Hamilton has been completed.

The operating losses in the third quarter this year are $19.8 million compared with $26.7 million for the same quarter last year.

For the first nine months, the losses this year total $190.8 million compared with $93.5 million last year.
Revenues increased by 8.2 per cent, mainly because the company was able to increase prices just before pork costs began to decline.

Sales volumes declined, but company president Michael McCain said he believes that is temporary.

The losses may continue for the balance of the year because the company will still be running both the large Schneider plant in Kitchener and the new plant in Hamilton.