000503 Maple Leaf Profit Narrows In First QuarterMay 8, 2000Toronto, Canada - Maple Leaf Foods Inc.. Canada's largest food processor, posted a narrower first quarter profit partly due to weaker sales in its meat and bakery products divisions. The Toronto-based company recorded a net profit of C$5.5 million, or 5 Canadian cents a share, for the three months ending March 31, compared with C$10.8 million, or 10 Canadian cents a share, a year earlier. The company said revenues in the quarter were C$818.3 million, compared with C$869.4 million last year, as its meat products and bakery products groups posted lower sales, due in part to the impact of an extra week in the first quarter of 1999. “This has certainly been a challenging quarter of implementation against our primary business strategies...compounded by the cyclical highs of the hog market,” president and chief executive Michael McCain said in a statement.
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