Australian food group Goodman Fielder booked a jump in half-year profits today (25 February) as lower costs helped the company shrug off falling sales.
Goodman Fielder’s net profit for the six months to the end of December rose by almost a quarter, climbing 24.9% to A$90.3m (US$80.3m). EBIT was up 14% at A$163.4m.
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Lower distribution and financing costs boosted Goodman Fielder’s bottom line. Revenues were down 7.5% to A$1.37bn due to foreign exchange and commodity costs. Sales from continuing operations were down 5.9% at A$1.24bn.
In a presentation to analysts, Goodman Fielder said it had seen a “significant improvement” from its operations in Asia-Pacific, as well as its bakery and dairy businesses.
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