Maple Leaf Foods reports $26.2M Q2 loss compared with $53.7M loss a year ago

Maple Leaf Foods Inc. reported a loss of $26.2 million in its latest quarter compared with a loss of $53.7 million a year earlier.

The company says the loss amounted to 21 cents per diluted share for the quarter ended June 30 compared with a loss of 44 cents per diluted share for the same quarter last year.

Sales in the quarter totalled $1.26 billion, down from $1.27 billion a year earlier.

The company says sales for its prepared foods business rose about one per cent, while sales for its pork business fell 4.2 per cent compared with last year.

On an adjusted basis, Maple Leaf says it earned 18 cents per share in its latest quarter compared with a break even result on an adjusted per share basis a year ago.

Last month, Maple Leaf announced plans to spin off its pork business into a new publicly traded company.