Thursday, May 1, 2014

Maple Leaf’s losses increase

Maple Leaf Foods Inc. reports a loss of $29.9 million for its first quarter this year, up from $27.9 million for the same quarter last year.

President and Chief Executive Officer Michael McCain remains optimistic, however, saying the company’s plans to transition meat processing to a new central facility in Hamilton are proceeding on schedule.

He cited higher pork prices as one of the reasons why the company is facing challenges.

Price increases were the main reason why revenues increased by 3.2 per cent to $711 million.

McCain said the company will book the sale of its 90 per cent ownership in Canada Bread during the second quarter.