• Maple Leaf Q3 swings to profit
  • Adjusted earnings up 53%
  • Sales down 4%

Maple Leaf Foods has reversed its year-ago losses, when profits were decimated by a nationwide listeria recall, to post a third-quarter profit of C$22.5m (US$21m) today (28 October).

The Canadian food group said profits were boosted by a "good" performance from its bakery unit and a substantial recovery in its packaged meats business, which was the centre of last year's listeria outbreak that was linked to at least 22 deaths.

Adjusted operating earnings increased 53% to C$63m, from C$41.1m last year.

However, the Toronto-based food manufacturer revealed sales dropped 4% to C$1.3bn in the period. Maple Leaf attributed this to lower fresh meat prices.

For the full press release click here, or check back later for just-food's insight into Maple Leaf's performance.