Sales increased by 4.1 per cent to $862 million.
Company president and chief executive officer Michael McCain
said it’s further evidence that the company’s major restructurings are paying
off.
Now he says the focus will be on cutting costs and “expanding
our geographic footprint,” which might mean more sales to the United States and
perhaps Europe.
The agribusiness division continued to lose money, mainly
because of lower hog prices. The loss was $4.4 million for t he quarter
compared with a profit of $1.6 million last year.
Among the changes Maple Leaf has made are:
-Selling its bread and bakery business to Bimbo Bakery of
Mexico.
-Closing most of its meat-processing plants, including the
Schneider plant in Kitchener, to consolidate operations in a new facility in
Hamilton.
-Selling its Rothsay Concentrates rendering business.
-Selling its Shur Gain and Landmark Feeds business.
-Selling
its turkey processing plant at Thamesford and its turkey farms and quota.
