(Reuters) - Canadian food processor Maple Leaf Foods Inc (MFI.TO) reported lower quarterly profit on Wednesday as fresh bakery and fresh pork volumes fell, the company said.
Net earnings for the first quarter ended March 31 fell to C$800,000 ($808,000), or nil earnings per share, from C$10.5 million, or 8 Canadian cents, a year before.
The company incurred C$20.4 million in pre-tax costs related to a multi-year plan to close some meat plants and modernize others.
Adjusted earnings per share slipped to 11 Canadian cents from 18 cents a year earlier.
Sales for the company, which is one of Canada’s biggest pork processors and bakers, rose 1 percent to C$1.16 billion.
Analysts had on average expected Maple Leaf to earn 19 Canadian cents a share on sales of C$1.17 billion, according to Thomson Reuters I/B/E/S.
Reporting by Rod Nickel in Winnipeg and Bangalore equities newsroom; Editing by Gerald E. McCormick