Canada’s Maple Leaf Foods has today (27 July) posted a fall in first-half profits due to restructuring charges linked to the sale of its animal nutrition business.
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The company, which has operations in North America, the UK and Asia, saw earnings slump 31% to C$59.1m (US$55.7m) over the first six months of the year.
However, stripping out the restructuring costs, Maple Leaf booked earnings of C$102.5m, a rise of 18% on the year. Turnover was flat at C$2.6bn.
Earlier this month, Maple Leaf completed the sale of its animal nutrition business to Nutreco Holding NV for C$512m. The company said the impairment charge related to the deal was booked during the second quarter.
“Our primary focus is the strategic transformation of the business to a focused, value-added meat, meals and bakery company,” Maple Leaf president and CEO Michael McCain said.
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By GlobalData“We finalized the sale of our animal nutrition business, we began the process of consolidating hog processing by closing a plant, and we are on track to complete what is a very complex change process.”
