AUS: Goodman Fielder to take dairy charge
Australian Food Group Goodman Fielder said today (13 August) it would be recording a non-cash goodwill impairment charge of A$170m (US$148.1m) for the company's Fresh Dairy division in New Zealand.
The company said the charge came as a result of deteriorating economic conditions in the country and current high dairy commodity prices.
It advised that its normalised net profit after tax result, excluding this charge, will be within existing guidance.
The company anticipates that its full year dividend will remain unchanged at 13.5 cents per share subject to completion of the audit of the company's results and board approval.
In March the company announced plans to buy Australian biscuit and muesli maker Paradise Food Industries for $78.7m, making it the second largest player in the A$1bn Australian biscuit market.
Paradise generates annual revenue of $130m and will form part of Goodman's home ingredients division.
Parmalat, the Italian dairy group, has hinted it would like to expand in Australia but refused to comment on reports linking it to a possible bid for the dairy business of Goodman Fielder....
New Zealand's food safety watchdog has linked the nationwide outbreak of salmonella typhimurium phage to flour produced under Goodman Fielder's Champion, Edmonds, Homelife and Pam's brands....
New Zealand's Cooks Food Group said today (15 December) that it is set to buy the Diamond and DYC brands from Australia-based food group Goodman Fielder....
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