May 3, 2013

Hurt in part by lower meat sales, Maple Leaf Foods Inc. reported a bigger quarterly loss with total sales decreased 4% to CAD1.11 billion (US$1.09 billion) in the first quarter of this year.

The company's net loss widened to CAD14.7 million (US$14.5 million), or US$0.11/share, in the first quarter from CAD5.8 million (US$5.7 million), or US$0.04/share, a year earlier.

Sales for the company's protein group, which includes the meat products and agribusiness groups, fell about 6% to CAD744.4 million (US$738.38 million) in the first quarter.

On an adjusted basis, the company reported a loss of US$0.06/share, compared with adjusted earnings of US$0.06/share a year earlier.

The company is carrying out a multi-year programme of closing older processing plants and modernising others, as it seeks to boost profit and better compete with US rivals.

Maple Leaf shares closed at CAD13.35 (US$13.18) on Wednesday (Apr 25) on the Toronto Stock Exchange.