AUS: Patties issues profit warning, to review frozen fruit
Australian firm Patties Foods has issued a profit warning and said it is reviewing the future of its frozen fruit assets.
The company expects net profit after tax of A$16.6m (US$15.3m) for the year to 30 June. In February at its half-year results, it had indicated it expected earnings to be at least A$17.8m for the year.
It said trading conditions had been "softer than expected". It said there had been pressure on margins and also cited costs from commissioning new equipment.
Patties, which supplies the Four'N Twenty range of chilled savoury products, as well as a range of savoury and frozen lines, also said it was looking at the options for its "under-performing" frozen fruit assets.
The company is set to issue its annual results on 19 August.
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