Thursday, May 11, 2023

Maple Leaf loses money, but sales increase


 Maple Leaf Foods Inc. reports it lost $57.7 million in the fiscal quarter that ended March 31, even though revenues increased by 4.3 per cent to $1.17 billion.


The plant protein division continues to disappoint with revenues down by 16.7 per cent to $37.4 million.


The company has been deliberating what to do about that division and announced it has decided to maintain it and aim to break even for the balance of this year.


The new poultry processing plant at London is ready and being gradually ramped up to full production.


The further-processing poultry plant at Brampton will be renovated, but the poultry slaughter plant will be closed.


Sales in the meat protein group increased by five per cent to $1.14 billion, but profits slipped from $131 to $90.5 million.


The company did not report how much it lost on hog production and slaughter in Manitoba.