Maple Leaf profits down on write-offs

Canadian food firm Maple Leaf has reported a 24% dip in third-quarter profits after being forced to write-down some of its assets.

Toronto-based Maple Leaf, whose bakery brands include Dempster’s and Tenderflake, reported earnings of C$32.6 million, down from C$43 million during the same period last year. Revenue reached just under $1.24 billion, down from $1.26 billion last year

The firm said that the decline was largely attributable to a $13 million decrease in the fair value of its biological assets.

Nonetheless, adjusted earnings increased slightly to $76.3 million, up from $73.3 million a year earlier.

"We are achieving earnings growth in our consumer facing prepared meats and bakery businesses, and managing higher input costs through responsible pricing,” said Michael McCain, Maple Leaf’s chief executive.

“While the challenges of consumer bread demand and pork market conditions continue, we are seeing signs of improvement in both."