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March 11, 2008

AUS: Baker KH Foods posts A$9m loss

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).

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).

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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