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Company News

Maple Leaf quarterly profit plunges on restructuring charge

Feb 28 (Reuters) - Canadian packaged meat producer Maple Leaf Foods Inc reported an 80 percent fall in quarterly profit on Thursday, hurt by a C$40.7 million ($30.9 million) restructuring charge.

The packaged meat producer’s net earnings slumped to C$11.9 million , or 10 Canadian cents per share, in the fourth quarter ended Dec. 31, from C$59.1 million, or 45 Canadian cents per share, a year earlier.

Sales rose to C$893.9 million from C$876.8 million. ($1 = C$1.32) (Reporting by Debroop Roy in Bengaluru; Editing by Maju Samuel)

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