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Company News

Maple Leaf Foods quarterly profit surges 80 percent

May 2 (Reuters) - Canada’s Maple Leaf Foods Inc reported a 80 percent jump in quarterly profit on Thursday, primarily driven by higher prices for its products and lower input costs for its prepared meats.

The company’s net earnings rose to C$50.1 million ($37.27 million), or 41 Canadian cents per share, in the first quarter ended March 31, from C$27.9 million, or 22 Canadian cents per share, a year earlier.

Net earnings also included unrealized gains on derivative contracts.

Sales rose to C$907.1 million from C$817.5 million. ($1 = 1.3441 Canadian dollars) (Reporting by Shradha Singh in Bengaluru; Editing by Shailesh Kuber)

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