Goodman Fielder Ltd, Australia’s largest food company, is set to report a net loss of up to A$77m (US$40.5m) for the full year this week, as it takes a one-off A$150m restructuring charge.
Market watchers were warned of the single restructuring hit back in April, after the company originally planned to take charges of A$50m for three consecutive years.
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Full year operating profit at the food giant is now expected to be recorded around A$116-117m, about 5% lower than last year’s A$123.4m. The effects of restructuring meanwhile are expected to save around A$90m in the current financial year, with reductions of 15% in corporate overhead costs and 6% in workforce costs.
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By GlobalDataThe Market for Packaged Food in Australia
