MISSISSAUGA, Ont. – 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.
This report by The Canadian Press was first published Aug. 3, 2023.
Companies in this story: (TSX:MFI)
