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July 30 (Reuters) - Canadian meat processor Maple Leaf Foods
Inc MFI.TO reported a smaller loss due to a steep fall in
restructuring costs as the company's multi-year program to
upgrade its meat operations nears completion.
Restructuring costs fell about 64 percent to C$7.3 million
($5.6 million) in the second quarter ended June 30, the company
said on Thursday. ID:nPn9VyWtZ
Maple Leaf Foods, one of Canada's biggest pork processors,
rolled out a program in 2010 to boost earnings by shutting some
plants and modernizing others.
The company, which has processing plants and distribution
centers across Canada, said it closed the last of its remaining
legacy facilities in the quarter.
Maple Leaf Foods' net loss from continuing operations
narrowed to C$7.5 million ($5.8 million), or 5 Canadian cents
per share, from C$39.5 million, or 28 Canadian cents per share,
a year earlier.
On an adjusted basis, the company earned 13 Canadian cents
per share.
Sales fell 1.3 percent to C$820.8 million.
Sales in the Meat Products Group, which includes products
sold under brands such as Maple Leaf, Schneiders, fell 1 percent
to C$817.2 million.
The business, the majority contributor to total sales, was
hurt by lower prices for fresh pork, the company said.
Up to Thursday's close of C$23.69, shares of the
Toronto-based company had gained about 22 percent this year.
($1 = C$1.30)