AUSTRALIA: National Foods announces rise in profits
National Foods has announced a rise in profits after tax in the six months to December 2004, to A$39m (US$30.5m) from $33.5m in the same period a year earlier.
Costs of $13.9 million associated with takeover offers were partially offset by related tax benefits of $4.2 million. Revenue was up 6% at $648m.
"National Foods has returned double digit profit growth for the seventh successive half," Managing Director Mr Peter Margin said. "This is yet another strong performance by the company."
The company is currently subject to takeover offers from the New Zealand based Fonterra Co-operative Group and the Philippines based San Miguel Corporation. Directors have recommended that shareholders accept the San Miguel offer, in the absence of a superior proposal.
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