Canadian food group Maple Leaf Foods has swung to a full-year profit, boosted by improved performances in its prepared meats and fresh poultry businesses.
Net profit in 2009 amounted to C$52.1m compared to a loss of C$36.8m a year earlier. Sales, however, dipped to C$5.22bn from C$5.25bn in 2008.
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Maple Leaf president and CEO Michael McCain said 2009 was a year when the business focused on higher-margin goods.
“Looking ahead, our priority is to increase earnings and margins to levels consistent with our peers,” McCain said. “We have work to do on this goal and it will involve achieving the full potential of our prepared meats business, investing in our plant network to reduce costs, and delivering higher levels of organic growth.”
Adjusted operating earnings for the year increased to C$57.8m compared to $35.4m last year.
In the fourth quarter, sales declined to C$432m from C$444.2m in 2008, mainly due to foreign exchange translation from its UK and US businesses.
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By GlobalDataAdjusted operating earnings for the quarter dropped to C$21.9m from C$26.6m in the prior year. Maple Leaf, however, made a quarterly net profit of C$21.9m, compared to a net loss of C$14.6m in 2008.
