Maple Leaf Foods experienced a substantial slide in net earnings for the first quarter of fiscal year 2017. The Canadian meat and poultry processor’s net earnings fell from CA$42.3 million (US$31.1) during the first quarter of fiscal year 2016, to CA$30.1 million (US$22.1 million) for the most recent quarter.

The nearly 29 percent dip in earnings came in spite of a 1.8 percent increase in sales on a year-over year basis.

In a press release, the company stated that the underlying progress in the business reflected in positive revenue and margin growth was more than offset by factors excluded in calculating adjusted operating earnings, such as the change in fair value of biological assets and higher restructuring costs.

“We had modest value growth in the quarter, and delivered excellent performance improvement despite some relatively turbulent market conditions,” said Michael H. McCain, president and CEO of Maple Leaf Foods. “The highlight for the quarter was our acquisition of Lightlife Foods, which is a great step forward in advancing our long-term growth agenda. We aspire to be the most sustainable protein company in the world, and that is reflected in all of our strategies.”

The first quarter for Maple Leaf Foods ended on March 31.