(Adds sales and adjusted loss results, details on bakery sale)
May 1 Canadian food processor Maple Leaf Foods
Inc reported a larger quarterly net loss on Thursday,
due to higher costs and restructuring charges.
Maple Leaf is carrying out a multi-year program to upgrade
its meat operations while shutting some plants, as it seeks to
boost profits and better compete with U.S. rivals.
Its net loss for the first quarter rose to C$132 million
($120.3 million), or 95 Canadian cents per share, from C$14.7
million, or 11 Canadian cents, a year ago.
Total sales for the company, which is one of Canada's
biggest pork processors, slipped 5.6 percent to C$1.05 billion.
On an adjusted basis the loss was 24 Canadian cents per
share, compared to analysts' average expectation of a loss of 17
Canadian cents a share, according to Thomson Reuters I/B/E/S.
Mexico's Grupo Bimbo said on Feb. 12 it will buy
Canada Bread Company for C$1.83 billion in cash,,
allowing the company's parent Maple Leaf to focus on its meat
business. The deal, subject to regulatory
approval, is expected to close in the second quarter, Maple Leaf
($1 = 1.0975 Canadian Dollars)
(Reporting By Euan Rocha in Toronto and Rod Nickel in Winnipeg,
Manitoba; Editing by Alden Bentley)