Maple Leaf Foods reports Q2 profit rose, driven by pork business

Maple Leaf Foods Inc. says it earned a second-quarter profit of $57.8 million, compared with a loss of $26.2 million a year ago.

The company says its earnings amounted to 46 cents per diluted share for the quarter ended June 30, up from a loss of 21 cents per share in the same quarter last year.

On an adjusted basis, Maple Leaf says it earned 56 cents per share in its latest quarter, up from an adjusted profit of 18 cents per share a year earlier.

Sales for the quarter totalled $1.36 billion, up from $1.26 billion a year ago. 

Maple Leaf says its prepared food sales increased 7.5%, while poultry sales increased 8.5%. Pork sales rose 10.7%.

Chief executive Curtis Frank says the company's results improved because of profitability in its pork business, and that Maple Leaf expects the spin-off of its pork unit into a standalone company called Canada Packers Inc. will be completed by the end of the year.