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Maple Leaf posts a loss of 41.5 million



(Mississauga) Maple Leaf Foods announced an increase in its quarterly dividend on Thursday, after reporting a loss of $41.5 million in its most recent quarter, due in part to weak pork markets and a cyberattack.

The food processor said it will now pay a quarterly dividend of 21 cents per share, down from the 20 cents per share it has offered until now.

The increased payout to shareholders comes as Maple Leaf posted a loss of 34 cents per share for the quarter ended Dec. 31, compared to a profit of $1.9 million, or 2 cents per share, for the past three month of 2021.

Sales totaled $1.19 billion, down from $1.12 billion a year earlier.

Results for the most recent quarter included a charge of $23 million related to a cybersecurity incident in November and expenses totaling $25.8 million for the start-up of construction projects.

On an adjusted basis, Maple Leaf lost 28 cents per share in the fourth quarter, compared with adjusted earnings of 9 cents per share a year earlier.

“2022 has been a challenging year for us on many fronts, including hyperinflation, dislocation in pork markets, supply chain dysfunction, job vacancies and cyberattack,” Maple Leaf Foods CEO Michael McCain said in a statement.

“Of course, our fourth quarter results are not what we would like, but given the unprecedented market conditions and the impact of the cyberattack, however, our business is showing remarkable underlying strength in normal and consistent conditions. what we had expected at this stage. »

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