Maple Leaf Foods Inc. revenues increased seven per cent to $1.09 billion from $1.02 billion in the prior year, in a July 30, 2020 story. (Photo by THE CANADIAN PRESS)

Maple Leaf Foods earns $25.7 million in Q2 on higher plant protein sales

MISSISSAUGA, Ont. — Maple Leaf Foods Inc. earned $25.7 million in its latest quarter on higher revenues led by a 41 per cent gain from its plant protein group.

The company says its net income amounted to 21 cents per share for the three months ended June 30, compared with a loss of five cents per share or $6.3 million a year earlier.

Adjusted profits were 35 cents per share, up six per cent from 33 cents per share in the second quarter of 2019 as stronger sales were largely offset by COVID-19 costs and strategic investments in plant protein.

Revenues increased seven per cent to $1.09 billion from $1.02 billion in the prior year.

That included a 5.8 per cent sales growth in meat driven by more hogs processed and higher sales to Asia, and a 41.4 per cent growth in plant protein on higher volumes.

Maple Leaf Foods was expected to report 25 cents per share in adjusted profits on $1.12 billion in revenues.

This report by The Canadian Press was first published July 30, 2020.

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