Maple Leaf Foods Inc. reported a third-quarter loss of $229.5 million as it took a one-time charge related to the value of its plant protein business.
The company says the loss amounted to $1.86 per share for the quarter ended Sept. 30 compared with a profit of $44.5 million or 36 cents per share in the same quarter last year.
Maple Leaf says its most recent quarter included a $190.9-million one-time non-cash impairment charge related to its plant protein group and a $31.5-million decrease in the fair value of biological assets.
On an adjusted basis, Maple Leaf says it lost a penny per share in its latest quarter compared with an adjusted profit of 38 cents per share in the same quarter last year as a result of weaker commercial performance due to inflation and labour challenges….