Restructuring charges have hammered quarterly earnings at Canadian group Maple Leaf Foods.

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Maple Leaf, which produces a range of meats and consumer foods, posted net profit of C$10.5m (US$9.4m) against $17.3m a year earlier.


The charges, linked to the restructuring of Maple Leaf’s protein organisation and the sale of two assets in Canada, stood at $9.6m during the quarter. The company received a boost with sales inching up 2% to $1.5bn.


“In the context of the major change activities that we have underway, the quarterly results reflect our steady focus on maintaining business stability and performance,” said Maple Leaf president and CEO Michael McCain. “Our plan is on-track and we are pleased with execution to date.”

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