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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.

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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.

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