AUS: Goodman profits down on closure costs
Australian food group Goodman Fielder has seen half-year profits tumble 26% due to the closure of manufacturing sites in Mascot and Geelong.
Net profit for the six months to 31 December fell to A$94.6m (US$87.6m), the company said today (26 February).
However, revenue rose 8.3% to A$1.3bn due to "continuing strong performances" from Goodman Fielder's fresh baking and home ingredients businesses.
Chief executive Peter Margin said the company had managed to combat the pressure of high commodity costs.
"The cost of agricultural commodities continued to escalate to record high levels during the period as a result of strong global demand in the face of worldwide shortages," Margin said. "The company has been very focused on margin protection in an environment of considerable cost volatility," he said.
Goodman Fielder, whose brands include Helga's bread, Meadow Lea margarine and Pampas pastry, has said full-year earnings before items would be within 5% of the previous year's result, depending on commodity prices.
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....
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