February 28, 2012 / 1:47 PM / 6 years ago

UPDATE 1-Canada Bread profit falls on high input costs

Feb 28 (Reuters) - Canada Bread Co Ltd’s quarterly earnings fell by 36 percent, hurt by changes in its manufacturing network and higher input costs in its frozen bakery products.

For the fourth-quarter, the company’s net income was C$7.8 million, or 31 Canadian cents a share, compared with C$13.8 million, or 54 Canadian cents a share, in the year-ago period.

On an adjusted basis, it earned 67 Canadian cents a share.

Sales at Canada Bread, which is 90 percent owned by Maple Leaf Foods Inc, rose 2 percent to C$400.3 million.

Maple Leaf also reported lower earnings on Tuesday as high costs hurt the profitability of its prepared meats and baked goods business.

Shares of the company closed at C$44.01 on Monday on the Toronto Stock Exchange.

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