Maple Leaf Foods net losses continue in third quarter

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  A. Stefik

  Meat and poultry processor Maple Leaf Foods experienced a net loss for the third quarter of fiscal year 2014.

  From WATTAgNet:
  Canada-based meat and poultry processor Maple Leaf Foods experienced a CA$26.77 million (US$23.88 million) net loss for continuing operations during the third quarter of fiscal year 2014, compared to a loss of CA$24.5 million (US$20.1 million) during the same quarter of 2013.
  The company has consistently been operating at a loss as it has been replacing outdated processing facilities and replacing them with more modernized ones. Maple Leaf Foods during the third quarter ended production at its plant in Mocton, New Brunswick, and has three remaining plants to close to complete this transformation.
  Despite the losses, Maple Leaf Foods did benefit during the third quarter its Meat Products Group benefited from improved pork processing margins and price increases.
  "We continue to make important advances towards our strategic goals," Michael H. McCain, president and CEO of Maple Leaf Foods, said on October 30. "We have benefited from improved margins during a period of unprecedented volatility and high costs in the raw materials market. We are managing the related impact on demand and see the volume decline as short term. While the ongoing cost of duplicate supply chains and start-ups continues to be material, we are achieving milestones every quarter. Product transfers into the new Heritage facility in Hamilton, [Ontario] continue, facilitating one more plant closure in the quarter. Once fully commissioned, our Heritage plant will be one of the most advanced, efficient facilities of its type in North America."