Tuesday, March 1, 2016

Maple Leaf posts solid profit

Maple Leaf Foods Inc. reports a solid profit of $47.8 million in the final quarter of its fiscal year, giving the company an annual profit of $41.6 million compared with a loss of $214 million the previous year.

The improvements come from the costly transition to a new meat-processing plant in Hamilton that was accompanied by the closure of a number of smaller and older plants, including the Schneider Corp. plant in Kitchener.

Fourth-quarter sales increased by 10 per cent to $873 million and annual sales increased by 4.3 per cent to $3.38 billion.

During its transition, Maple Leaf sold its bakery division to Bimbo Bakery of Mexico, its feed-milling and rendering businesses, its turkey farms and quota and its turkey-processing plant at Thamesford.