Friday, August 6, 2021

Sales up, profits down for Maple Leaf Foods

Maple Leaf Foods Inc. sales were up, but profits dived to $8.8 million, down from $26.7 million for the same second quarter last year.

Plant protein sales declined by 20 per cent to $60.6 million, but the company said it expects they will increase by 30 per cent from last year’s levels over the balance of this year.

Meat protein sales increased by 7.4 per cent to $1.18 billion, but margins were squeezed, the exchange rate with the United States cut into margins and sales to China declined.

The company also downgraded its derivatives and biological assets to fair market value.