Canadian food group Maple Leaf Foods has reported a fall in third-quarter profits on the back of restructuring costs, pressure from commodity prices and lower sales.

President and CEO Michael McCain said today (30 October) the company was going through “a very challenging period of transition”, with changes to its structure and “volatile” conditions in the protein market hit the business.

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“We have five significant operational start-ups occurring simultaneously, during a year when commodity markets have not been friendly,” McCain said.

For the three months to the end of September, net earnings from continuing operations was C$14m, compared to C$11.4m a year earlier. Restructuring costs were up steeply at C$15.1m.

Adjusted operating earnings were down, sliding from C$47.9m to C$18.6m. Maple Leaf’s protein business made a loss of C$20.1m in the quarter, compared to a profit of C$18.9m a year ago. The company cited the cost of changing its prepared meats production network, as well as “poor” commodity market conditions.

Sales, meanwhile, were down 2.5% at C$1.15bn.

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Nevertheless, McCain added: “These transitory conditions do not detract from the underlying strength of the business or the strategic direction. Our commercial performance is solid and we are satisfied with the progress we are making in implementing our prepared meats strategy.

“Our bakery business is performing at record levels as we come into the back half of 2013. Through exploring strategic alternatives, we are committed to optimizing the value of this business, either as part of Maple Leaf or under new ownership.”

Last week, Maple Leaf said it was looking to potentially offload its controlling stake in bakery business Canada Bread.

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