Maple Leaf Foods. Inc. says its net profit plunged in its latest quarter despite a six per cent growth in revenues.

The Ontario-based food processing company earned $8.8 million in the second quarter, down nearly 66 per cent from $25.7 million a year earlier, primarily due to non-cash fair value changes in biological assets and derivative contracts.

That amounted to seven cents per share, down from 21 cents per share in the second quarter of 2020.

Adjusted profits fell 20 per cent to 28 cents per share from 35 cents per share in the prior year quarter.

Revenues for the three months ended June 30 were $1.16 billion, up from $1.09 billion the 2020 quarter.

Meat protein sales increased 7.4 per cent to $1.12 billion while plant protein sales declined 21 per cent to $48.1 million after experiencing a surge in demand a year ago due to COVID-19.