Pork processor Central Canada Foods Corporation has announced a rise in profits for the second quarter ended 30 April 2005 to C$35,107 (US$28,459), up from $645 in the same period a year earlier.
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Sales for the quarter increased to $5.318m from $5.166m for the same period in 2004.
The increase in sales was due to higher export sales primarily in the Asia Pacific market. Nonetheless, the company’s pork sales growth into Japan stalled in the later part of the second quarter, which carried over into the third quarter, due to import tax evasion charges filed against Japanese importers. Management expects Japanese pork sales to recover by the fourth quarter of fiscal 2005.
Income for the first six months was $112,377 compared with $141,955 in the year earlier period, on sales of $9.45m compared with $11.5m a year ago.
Lower raw material costs and increased productivity in the company’s Timberlea plant resulted in the decrease in meat products and labour as a percentage of sales to 86.1% in the current period, from 89.6% for the same period in 2004. Year to date, for the six months ended April 30,2005, as a percentage of sales, the cost meat products and labour improved to 84.6% of sales from 88.6% for the same period in 2004.
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