Wednesday, October 30, 2019

Maple Leaf Foods’ profits cut in half

Maple Leaf Foods Inc. had a great third quarter in terms of sales increases, but its profits were cut in half compared to the same third quarter last year. They were $13.4 million.

Overall sales increased by 13.8 per cent to $995.8 million, but the plant protein division’s sales increased by 30 per cent.

President and chief executive officer Michael McCain said the company will continue to invest in expanding the plant protein business.

The problem in the third quarter was an “erratic” pork market, the company said. Prices bounced around and China suspended pork imports from Canada.

The company said it expects things will settle down and the meat business will benefit.