Australia’s largest food manufacturer Goodman Fielder reported a net annual profit of A$162m (US$88.2m) late last week, but then warned that consumers can expect to see an increase in bread prices.
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The company, which also declared a 4 cent final dividend for shareholders, said that it had managed to reduce its exposure to commodity prices by making changes to its organisational structure, but explained that because of drought and world market movements, it would still be subject to cost increases for wheat and edible oil over the next year.
According to a report by the Australian Broadcasting Corporation, Goodman Fielder has recently told retailers that there will be a 5% increase in the price of bread on the supermarket shelves by the end of this month.
