Maple Leaf Foods tightens losses with 64 per cent drop in restructuring costs

TORONTO – Maple Leaf Foods Inc. (TSX:MFI) narrowed its loss in the most recent quarter as restructuring costs for its business were reduced by 64 per cent.

The Toronto-based meat processor reported losses from continuing operations dropped to $7.5 million in the second quarter from $39.5 million in the same period last year.

Total sales from its meat products and livestock businesses slipped 1.3 per cent to $820.8 million from $831.8 million.

The improvement came as restructuring and related costs were reduced to $7.3 million from $20 million.

Maple Leaf is winding down a major restructuring plan that was designed to lower costs by combining some of its plants and closing others.

Once its restructuring plan is finished, it will operate 13 meat plants instead of 22 and two distribution centres instead of 19.