Maple Leaf Foods reports $53.7M net loss in Q2 as company cites inflation as an issue
Its meat business alone contributed the bulk of those sales, though Maple Leaf says its plant protein division made $36.7 million in sales during the quarter.
Maple Leaf Foods Inc. says it lost $53.7 million in its most recent quarter as it grappled with inflation and other market headwinds.
The Mississauga, Ont.-based food company’s net loss for the second quarter amounted to 44 cents per basic share compared with a net loss of $54.6 million or 44 cents per basic share a year earlier.
Adjusted earnings for the period ended June 30 were $45.9 million compared with $23.6 million in the second quarter of last year.
Sales in the quarter totalled $1.26 billion, up from $1.19 billion a year prior.
Its meat business alone contributed the bulk of those sales, though Maple Leaf says its plant protein division made $36.7 million in sales during the quarter.
The financial results come a day after the company’s board approved a quarterly dividend of 21 cents per share and 84 cents per share on an annual basis.
