May 1 (Reuters) - Canadian food processor Maple Leaf Foods Inc reported a larger quarterly net loss on Thursday, due to higher costs and restructuring charges.
Maple Leaf is carrying out a multi-year program to upgrade its meat operations while shutting some plants, as it seeks to boost profits and better compete with U.S. rivals.
Its net loss for the first quarter rose to C$132 million ($120.3 million), or 95 Canadian cents per share, from C$14.7 million, or 11 Canadian cents, a year ago.
Total sales for the company, which is one of Canada’s biggest pork processors, slipped 5.6 percent to C$1.05 billion.
On an adjusted basis the loss was 24 Canadian cents per share, compared to analysts’ average expectation of a loss of 17 Canadian cents a share, according to Thomson Reuters I/B/E/S.
Mexico’s Grupo Bimbo said on Feb. 12 it will buy Canada Bread Company for C$1.83 billion in cash,, allowing the company’s parent Maple Leaf to focus on its meat business. The deal, subject to regulatory approval, is expected to close in the second quarter, Maple Leaf said.
$1 = 1.0975 Canadian Dollars Reporting By Euan Rocha in Toronto and Rod Nickel in Winnipeg, Manitoba; Editing by Alden Bentley