Smithfield loses money raising pigs

Smithfield Foods Ltd., the largest hog producer outside of China, lost $90 million in the most recent three-month financial quarter.

But it made $79 million more than a year ago in its packaged meats division.

When everything is added up, the company’s second-quarter profits declined by 27 per cent to $104 million.

Sales were down by eight per cent to $3.49 billion.

Smithfield is now owned by WH Group Ltd. of China.