April 24, 2008 / 12:29 PM / 9 years ago

Maple Leaf slips into losses as grain costs mount

1 Min Read

WINNIPEG, Manitoba (Reuters) - Maple Leaf Foods Inc (MFI.TO), one of Canada's largest food processors, said on Thursday it marked a small loss in its first quarter because of soaring costs for grain used in its bakeries and hog barns.

Maple Leaf lost C$10,000 ($9,800), or nil Canadian cents per share, down from C$10.5 million, or 8 Canadian cents a share a year earlier.

The company, which is restructuring to get out of its money-losing pork export business, said it would have earned 4 Canadian cents per share from continuing operations before charges associated with the overhaul, compared with 12 Canadian cents a year ago.

($1=$1.02 Canadian)

Reporting by Roberta Rampton; Editing by Scott Anderson

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