(Mississauga) Maple Leaf Foods posted a second-quarter net loss of $53.7 million on Thursday as the food producer and processor struggled with inflation and other headwinds.

The Mississauga, Ont., company lost 44 cents per share in its most recent quarter, which compared with a net loss of $54.6 million, or 44 cents per share, for the same period last year.

Adjusted profit was $45.9 million for the quarter ended June 30, compared to $23.6 million in the second quarter a year ago.

Quarterly sales totaled 1.26 billion, up from 1.19 billion a year earlier.

The Animal Protein Products business contributed the majority of these sales, and the Plant Protein Products business generated sales of $36.7 million during the quarter.

Maple Leaf’s Board of Directors has approved a quarterly dividend payment of 21 cents per share, or 84 cents per share on an annual basis.

Company in this story: (TSX: MFI)