Packages of Maple Leaf Foods chicken breasts are shown on a shelf at a grocery store in Oakville, Ont., Friday, Jan.6, 2023. THE CANADIAN PRESS/Richard BuchanMaple Leaf Foods Inc. said it lost $53.7 million in its most recent quarter as it grappled with inflation and other market headwinds.
Adjusted operating earnings for the period ended June 30 were $45.9 million compared with $23.6 million in the second quarter of last year.Higher interest expenses also weighed on Maple Leaf's earnings, the company said, as rates increased and it spend more on strategic capital expenditures. Its meat business alone contributed the bulk of those sales, though gross profit for meat protein was slimmer due to headwinds in the pork market and higher costs, partially offset by higher prices.
Meanwhile, Maple Leaf said its plant protein division made $36.7 million in sales during the quarter, down from $40.8 million last year. The division saw lower sales volumes that were partially offset by pricing action in earlier quarters to mitigate inflation, the company said.
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