Maple Leaf Foods Inc. is reporting an increase in profitability in the fourth quarter due to improvements at its meat-products businesses, even though overall sales dipped slightly to $1.32-billion.
The Toronto-based company - which is recovering from Canada's largest food recall ever due to an outbreak of Listeria at one of its meat plants - says it had profit of $21.9-million in the quarter ended Dec. 31.
That amounts to profit of 16 cents per share and compares with a loss of $14.6-million or 12 cents in the fourth quarter of 2008, when Maple Leaf's sales were about $15-million higher at $1.34-billion.
Adjusting to remove the impact of the recall, restructuring and other one-time items, Maple Leaf's earnings per share rose to 19 cents from 12 cents in the fourth quarter of 2008.
Maple Leaf's chief executive officer said the improved earnings reflect a "significantly better performance" in the company's meat-products business - offset slightly by a softer quarter in the bakery segment.