CANADA: Disposal charges hit Maple Leaf profits
Canada's Maple Leaf Foods has today (27 July) posted a fall in first-half profits due to restructuring charges linked to the sale of its animal nutrition business.
The company, which has operations in North America, the UK and Asia, saw earnings slump 31% to C$59.1m (US$55.7m) over the first six months of the year.
However, stripping out the restructuring costs, Maple Leaf booked earnings of C$102.5m, a rise of 18% on the year. Turnover was flat at C$2.6bn.
Earlier this month, Maple Leaf completed the sale of its animal nutrition business to Nutreco Holding NV for C$512m. The company said the impairment charge related to the deal was booked during the second quarter.
"Our primary focus is the strategic transformation of the business to a focused, value-added meat, meals and bakery company," Maple Leaf president and CEO Michael McCain said.
"We finalized the sale of our animal nutrition business, we began the process of consolidating hog processing by closing a plant, and we are on track to complete what is a very complex change process."
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