Maple Leaf Foods, the Canada-based meat and bakery group, has seen underlying annual earnings rise over 15% despite ongoing restructuring at the company.
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The firm, which last year closed meat processing sites in Canada and sold its animal nutrition business, posted earnings from continuing operations of C$199.1m (US$196.5m) for 2007.
The result was up from C$172.8m a year earlier, a rise of 15.6%, Maple Leaf Foods said.
Sales, however, dipped 2% to C$5.2bn, thanks to disposals and the strength of the Canadian dollar.
President and CEO Michael McCain became the latest food industry executive to note the impact of rising input costs.
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By GlobalData“Our steady performance in 2007 reflects our efforts to manage this impact through reducing costs and raising prices,” McCain said.
He said that the pressure of input costs would remain this year but added that the company’s recent disposals would leave it in better shape.
“We are making excellent progress in implementing structural changes in our protein operations that will substantially increase profitability and reduce currency and commodity exposure for the long term,” McCain said.
