Impairment and restructuring charges have pushed Goodman Fielder to an annual loss of A$405m (US$376.1m) – but the Australia-based food group also saw commodity costs hit underlying profits.

The company today (13 August) booked a net loss of A$405.1m for the year to 30 June, compared to profit of A$83.5m a year earlier. The owner of Helga’s bread and Praise sauces reported an operating loss of A$342.2m, against an operating profit of A$190.7m the year before.

Goodman Fielder said those reported results included A$358.2m in impairment charges, A$38.2m of restructuring costs and a A$96.5m loss on the sale of assets, among other one-off items.

The group set out “normalised” numbers that excluded those factors. On that basis, it generated a net profit of A$63.1m – but that was still lower than the A$75.5m booked for 2012/13. Goodman Fielder’s normalised EBIT was down 18.8% at A$150.7m.

Goodman Fielder pointed to a “record” increase in farmgate milk prices in New Zealand and a rise in the wheat price measured in Australian dollars.

Revenue was up 3.4% at A$2.2bn in part thanks to Goodman Fielder’s success in pushing up selling prices.

“This is a disappointing result in the context of where the company had expected to be at this point in the strategic plan,” CEO Chris Delaney said.

Shares in Goodman Fielder, which is set to be taken over by Singapore agribusiness group Wilmar International and Hong Kong investment fund First Pacific, closed down 1.56% at A$0.63.