Skip to main content

File photo of Maple Leaf Foods plant in Kitchener, Ont.

Tim Fraser/The Globe and Mail

Maple Leaf Foods Inc. experienced a drop in net earnings during the third quarter, as the Toronto-based meat and bakery company saw revenue decline from a year earlier and it wrote down the value of some assets.

Maple Leaf's net earnings dropped to $32.6-million, from $43-million in the third quarter of 2011.

Revenue slipped to just under $1.24-billion from just over $1.26-billion.

Story continues below advertisement

The lower profit was largely due to a $13-million decrease in the fair value of the company's biological assets.

Maple Leaf's adjusted operating earnings, which exclude non-operating items including the writedown, improved to $76.3-million from $73.3-million.

Earnings per share before adjustments was 22 cents abd 29 cents per share after adjustments in the three months ended Sept. 30.

A year earlier, Maple Leafs earned 29 cents per share before adjustments and 34 cents per share after adjustments.

Report an error
Comments

The Globe invites you to share your views. Please stay on topic and be respectful to everyone. For more information on our commenting policies and how our community-based moderation works, please read our Community Guidelines and our Terms and Conditions.

Please note that our commenting partner Civil Comments is closing down. As such we will be implementing a new commenting partner in the coming weeks. As of December 20th, 2017 we will be shutting down commenting on all article pages across our site while we do the maintenance and updates. We understand that commenting is important to our audience and hope to have a technical solution in place January 2018.

Discussion loading… ✨