Thursday, October 26, 2017

Maple Leaf profits soar

Maple Leaf Foods Inc. profits soared by 31.8 per cent for the third quarter this year, rising to $37.6 million.

President Michael McCain said that was achieved even though margins were squeezed by higher input costs.

Sales increased by 6.5 per cent to $908.4 million.

The company has become consistently profitable since it closed most of its small and scattered meat-processing facilities to concentrate operations at a new plant at Hamilton.

The former J.M. Schneider plant in downtown Kitchener was sold this fall for an undisclosed price.

The purchaser intends to develop the large acreage for residential and office buildings.