Australian baker KH Foods, which is in the process of selling off its remaining businesses, has posted a half-year loss of A$9m (US$8.3m).
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KH Foods has spent the last six months offloading a number of businesses and closing its main head office in Melbourne.
Last month, KH Foods agreed to sell its remaining Balfours and Betabake businesses to pasta firm San Remo for a combined A$7.4m.
Under the deal, San Remo has the option to acquire other assets of the Betabake business, which, if exercised, will result in KHF receiving up to a further A$2.3m.
The proceeds from the sales have led to a fall in KH Foods’ half-year losses. Company director Richard England described the loss as “unacceptable” but said it was “an improvement on the prior six months for the same period last year”.
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By GlobalData
