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

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, the company said on Thursday.

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.

 

 “We continue to make excellent progress toward completing the spin-off of Canada Packers”

 

 

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

Maple Leaf said its prepared food sales increased 7.5 per cent, while poultry sales increased 8.5 per cent. Pork sales rose 10.7 per cent.

Chief executive Curtis Frank said 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. 

“We continue to make excellent progress toward completing the spin-off of Canada Packers, supported by resounding shareholder approval and accelerating operational readiness,” Frank said in a release. 

Shareholders overwhelmingly approved the spinoff of Canada Packers in June.

“This historic transaction will unlock significant shareholder value and establish two focused, market-leading companies,” he added.