Australian food manufacturer Goodman Fielder has narrowed its full-year losses, driven by cost cuts and earnings growth in Asia Pacific.

In the 12-month period, the company reported a net loss of A$146.9m (US$154.3m) compared to a loss of A$166.7m last year.

Goodman Fielder, which is looking to “reposition” the business after a challenging two years, said it managed to “stabilise” earnings through “significant overhead and cost reduction”, particularly in its baking division. It also pointed to profit growth in Asia Pacific.

However, EBITDA amounted to A$299.8m, a 16.6% drop on the prior-year period, reflecting “challenging” retail markets, primarily baking in Australia and New Zealand. Sales declined by 1.7% to A$2.51bn.

CEO Chris Delaney said the trading result did “not yet reflect the considerable work being done by Goodman Fielder”. He said he was “pleased with the progress” Goodman Fielder had made in the period.

He added he expected domestic market conditions in fiscal 2013 to remain similar to the prior year with a “challenging environment and competitive pressures continuing”.

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