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Maple Leaf Foods reports $26.2M Q2 loss as company prepares to spin off pork business

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Maple Leaf Foods Inc. reported a loss of $26.2 million in its latest quarter compared with a loss of $53.7 million a year earlier as it prepares to spin off its pork business.

Rosa Saba, The Canadian PressPackages 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 Buchan

Maple Leaf previously said the split will make it a more focused and brand-led consumer packaged goods company. Its portfolio will include the prepared meats business, which houses brands like Maple Leaf and Schneiders; and its poultry and plant protein operations. The new pork company will be led by Dennis Organ, who joined Maple Leaf Foods in February 2023 as president, pork complex.

Maple Leaf said its loss amounted to 21 cents per diluted share for the quarter ended June 30 compared with a loss of 44 cents per diluted share for the same quarter last year. The company expects that as the year progresses, it will continue to see returns from investments into its London, Ont., poultry plant and the Bacon Centre of Excellence in Winnipeg.Sales for Maple Leaf’s prepared foods business rose about one per cent, while sales for its pork business fell 4.2 per cent compared with last year.

 

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