Maple Leaf reports $53.7M net loss in Q2

Maple Leaf Foods lost $53.7 million in its most recent quarter as it grappled with inflation and other market headwinds.

The Mississauga, Ont.- based food company’s net loss for the second quarter amounted to 44 cents per basic share compared with a net loss of $54.6 million or 44 cents per basic share a year earlier.

Adjusted earnings for the period ended June 30 were $45.9 million compared with $23.6 million in the second quarter of last year.

Sales in the quarter totalled $1.26 billion, up from $1.19 billion a year prior.

Its meat business alone contributed the bulk of those sales, though Maple Leaf says its plant protein division made $36.7 million in sales during the quarter.