Canadian food manufacturer Maple Leaf Foods has booked a drop in first-half profits.
In the six months to the end of June, net earnings amounted to C$33.3m (US$33.2m), a 5.2% decline on the prior year.
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Adjusted operating earnings, which excludes items like restructuring costs, fell in each division. Maple Leaf’s group adjusted operating earnings dropped 12.3% to C$106.2m.
The company said improved profitability in its fresh bakery and prepared meats business helped its results “rally significantly” in the second quarter after a “weak” first quarter. Net sales edged up 1.2% to C$2.42bn.
“We are heading into challenging commodity markets driven by drought conditions throughout North America that will fuel further food inflation,” said president and CEO Michael McCain. “Our business fundamentals are strong and we will take action to manage ongoing cost increases.”
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