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UPDATE 1-Canadian meat processor Maple Leaf Foods swings to profit

Published 2015-10-29, 08:06 a/m
© Reuters. UPDATE 1-Canadian meat processor Maple Leaf Foods swings to profit
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MFI
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(Adds details, background)
Oct 29 (Reuters) - Maple Leaf Foods Inc MFI.TO , one of
Canada's biggest pork processors, swung to a profit in the third
quarter as the company nears the end of its restructuring plan.
Restructuring costs fell about 76 percent to C$3.4 million
($2.57 million) in the third quarter.
The company rolled out a program in 2010 to boost earnings
by shutting some plants and modernizing others.
"We are making meaningful progress on eliminating
inefficiencies driven by the ramp-up of our new facilities,
though not at the pace we had hoped for," said Michael McCain,
President and chief executive officer of the company.
Meat processors around the world were rocked earlier this
week by a World Health Organization (WHO) report that said
eating processed meats could cause colorectal cancer in humans.
The Canadian Meat Council, which represents meat packers
such as Maple Leaf and the Canadian units of Cargill Ltd
CARGIL.UL and JBS SA JBSS3.SA , rejected the findings as
simplistic.
Maple Leaf's net sales fell slightly to C$818.8 million from
C$820.1 million in the third quarter, hurt mainly by the
agri-business group, which includes Canadian hog production
operations.
Sales in the meat products unit, which includes products
sold under brands such as Maple Leaf and Schneiders, fell
marginally to C$814.8 million in the quarter.
On an adjusted basis, the company earned 16 Canadian cents
per share.
The company's net earnings were C$18.7 million ($14.15
million), or 13 Canadian cents per share, in the quarter ended
Sept. 30, compared with net loss of C$26.7 million, or 19
Canadian cents per share, a year earlier.
($1 = 1.3219 Canadian dollars)

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