Maple Leaf's earnings up for full year 2009

Canadian pork processor Maple Leaf Foods made profits in both the fourth quarter and full year of 2009. President and CEO Michael McCain noticed a 'significantly better performance in our protein business.'

Maple Leaf earned CAN$21.9 million (US$20.8 million), compared with a loss of CAN$14.6 million (US$13.8 million), in the same period in 2008, when the processor was still recovering from a meat recall. Fourth-quarter sales went down 1%, to CAN$1.32 billion (US$1.25 billion).

Full year figures
For the full year, net earnings were CAN$52.1 million (US$49.4 million), compared with a loss of CAN$36.8 million (US$34.9 million), in fiscal 2008.

"In 2009, we substantially completed the restructuring of our protein operations and focused our company on higher-margin consumer packaged goods," McCain said in a news release.

"Looking ahead, our priority is to increase earnings and margins to levels consistent with our peers. 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."

Related websites:
• Maple Leaf Foods

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