Thursday, August 1, 2019

Maple Leaf boosts sales, loses money

Maple Leaf Foods Inc. reports a 12.5 per cent increase in sales to more than $1 billion for the second quarter, but posted a loss of $6.3 million compared with a profit of $35 million for the same quarter last year.

The company explains the losses thus:
Second quarter net earnings were negatively impacted by $60.7 million due to non-cash fair value changes in biological assets and unrealized losses on derivative contracts, and higher interest costs as the Company continues to invest in the business.”
The greatest percentage sales increases were at the two plant-based United States “meat” companies Maple Leaf bought last year.