Maple Leaf announces larger 4th quarter loss
Maple Leaf Foods Inc announced yesterday that its
fourth-quarter loss increased on account of a strong Canadian dollar and
For the three months to December 31, 2007, the Toronto-based meat and bakery
processor posted a net loss of CAD22.1m (US$21m) compared with a loss of
CAD11.6m (US$11.4m) in the same period a year earlier.
dropped 6% to CAD1.27b (US$1.25b), from CAD1.36b (US$1.34b), in the same quarter
"While we are well positioned to offset a continued rise in
input costs over time, heading into 2008, we may face some short-term volatility
depending on the precise timing of matching price action with cost increases,
given the magnitude of the changes," Michael H McCain, president and CEO, said
in a statement.
"However, 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."
Sales of the
company's hog operations in Ontario and Alberta were among the changes mentioned
to help increase profits again.
Improved earnings from Maple Leaf's fresh pork business helped drive up
operating income by 12% to CAD42.2m (US$41m).
The segment benefited from
the closure of plants in Saskatoon and Winnipeg, as well as double-shifting
front-end processing at a plant in Brandon, Canada, as part of its effort to
significantly reduce the volume of fresh pork it processes.
â€¢ Maple Leaf
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